Geely boss says Volvo talks are on track, no official deal yet

Geely Auto has yet to sign an agreement in its deal to acquire Volvo from Ford Motors, but says that its plan to purchase is still on track. Geely had originally planned to complete the purchase by May.

“We haven’t reached a final agreement so far,” said company chairman Li Shufiu.

The Chinese automaker had planned to pull the Swedish manufacturer into black ink by 2011, and had obtained some regulatory approvals needed to finalize the deal. These clearances, or lack thereof, had blacked the sale of GM”s Hummer to Sichuan Tengzhong Heavy Industrial Machinery Co., and are crucial to any automotive deal.

– By: Stephen Calogera

Source: Automotive News (Subscription Required)