Geely Automobile from China, whose parent company owns Volvo, said that it has no interest in acquiring Saab. The report comes after Dagens Nyheter reported that Geely may be interested in buying Saab for production and development reasons. Saab is currently restructuring under creditor protection as it waits for long-term investment from China’s Zhejiang Youngman [...]
During his first press conference as CEO of Volvo, Stefan Jacoby, said that the Swedish brand will focus on building emotional vehicles in the future and may look to partner-up with rivals to gain economies of scale. Jacoby, former CEO of Volkswagen North America, was recently appointed CEO of Volvo after Zhejiang Geely Holding Group [...]
Zhejiang Geely Holding Group Company Limited announced yesterday that it has completed the purchase of Volvo Cars form Ford Motor Company… but what’s next for the Swedish brand? According to Geely’s founder and Chairman Li Shufu, the Chinese automaker wants Volvo to be best known for its safety but also wants it to compete with [...]
As announced earlier this morning, Zhejiang Geely Holding Group Co., Ltd., one of the fastest-growing car manufacturers in China, has completed the acquisition of 100 percent of Volvo Car Corporation from Ford Motor Company. Geely also announced that Stefan Jacoby, the Chief Executive of Volkswagen Group of America, would become President and Chief Executive Officer [...]
FoMoCo announced today that it has completed the sale of Volvo Car Corporation and related assets to the Zhejiang Geely Holding Group Company Limited. Geely purchased Volvo and its assets for a total of $1.8 billion, including a $200 million note and the balance in cash. According to the terms of the agreement signed in [...]
According to two sources close to the situation, FoMoCo plans to have its sale of Volvo to Chinese company Zheijang Geely Holding Co. completed next week. Ford is selling the Swedish company for $1.8 billion, taking a loss of more than two-thirds on their purchase price back in “99. Execs from both companies are really [...]
The European Union competition regulators have approved FoMoCo’s sale of Volvo to Chinese automaker Geely Automobile Holdings Ltd. and the state-owned investment group Daqing. The EU executive body said in a statement that following their investigation, the European Commission concluded that the deal would not significantly hurt competition in Europe. The Volvo/Geely deal is expected [...]
Volkswagen’s North American CEO Stefan Jacoby has been hired by China’s Zxhejiang Geely to head up its newly purchased Volvo brand, according to reports coming out of Germany. Jacoby will replace Briton Stephen Odell, who will leave Volvo to become the head of Ford’s European operations, Frankfurter Allgemeine Zeitung reported. Volkswagen and Jacoby were not immediately [...]
Geely is planning to make big headlines when it steals the title of the world’s cheapest car from the Tata Nano, which costs $2,500. According to a report by AutoCar the Geely subcompact will based on the Intelligent Geely (IG) concept shown at Beijing and will cost between $1,500 and $2,000. Geely, which recently purchased [...]
Zhejiang Geely Holding Group Co. says that it has no immediate plans to export its own brand cars to developed markets. Speaking at the 2010 Beijing Motor Show, Frank Zhao, the company’s vice president for technology, said that the company will remain focused on the domestic market and other development markets. “Regarding (selling to) developed [...]
