China’s Geely wants Volvo’s car business, not interested in truck business

Posted: Sep 09, 2009
Filed under: Ford, Industry News, Volvo

As reported last month, China’s Geely Automotive seems to be the only company that has submitted a concrete bid for Ford’s Volvo brand. Geely Automotive confirmed that bid today saying that its parent wants to buy Volvo from Ford to give it access to Volvo technology that it needs to upgrade its cars.

Many analysts speculate that a small, home-grown company like Geely won’t be able to come up with the money to make an international bid, which the media has valued at close to $2 billion.

“I believe if Volvo is for sale and Ford has a global announcement, then our parent will participate,” CEO Gui Shengyue told Reuters. “It is interested in Volvo’s sedan business and not trucks.”

He declined to give a possible value on the bid but said Geely Holding is waiting for Ford to formally put up the ‘For Sale’ sign on Volvo.

- By: Stephen Calogera

Source: Reuters

Related Posts:

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  2. Geely planning to sell 1 million Volvo vehicles annually, considers new China plant
  3. Ford confirms Geely as its preferred bidder for Volvo
  4. Report: China’s Geely is the only concrete bidder for Volvo
  5. Geely says it is not bidding for Saab or Volvo, says they are too expensive

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  • cman815
    Geely Automotive is not a good buyer for Volvo, as its said in the article, they want it in order to get access to Volvo technology that it needs to upgrade its cars! Upgrade its own horrible Chinese made cars... Ford, don't do it! You can keep Volvo and position them higher than Ford or at least sell them to a non Chinese firm that just wants to run Volvo the way it should be ran.
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