At the 2010 Beijing Motor Show next week, two automakers will fight really hard to steal the limelight – General Motors and a young domestic Chinese player – Zhejiang Geely Holding Group Co. (which recently purchased Volvo from FoMoCo). Both companies will put far more on the show floor than other automakers. For example, Geely [...]
Geely, the Chinese automaker that will be buying Volvo from FoMoCo, will launch a new modified version of its GE limousine sedan at the 2010 Beijing Motor Show next week. The original model, which made its debut at last year’s Shanghai Motor Show, was criticized for being startlingly similar to the Rolls-Royce Phantom.. The new [...]
Zhejiang Geely Holding Group, the Chinese company who is set to buy Volvo from FoMoCo, said that it expects losses at the Swedish automaker to end as early as the fourth quarter. “As far as I know, Volvo is in good operating condition and it’s possible it could break even in the fourth quarter of [...]
Li Shufu, founder of Zhejiang Geely Holding Group who is purchasing Volvo from FoMoCo, said Sunday that the Swedish brand is a tiger that needs be freed. “A tiger belongs to the forest. It belongs to the wild world and not confined in a zoo. We need to liberate this tiger,” Li said at the [...]
Ford has officially announced today it has entered into a definitive agreement to sell Volvo and related assets to Zhejiang Geely Holding Group Company Limited. The Dearborn automaker said that the sale is expected to close in the third quarter of 2010, and is subject to customary closing conditions, including receipt of applicable regulatory approvals. [...]
According to a report by Swedish financial daily Dagens Industri, Chinese automaker Geely has reportedly obtained financing for its long-overdue purchase of Volvo from FoMoCo. The report says that financing was concluded in recent days and the money is now in Geely’s bank account. Geely will reportedly cash out about $2 billion for the Swedish [...]
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 [...]
According to a report by the Financial Times, Geely will leave Volvo as is and will run it as a separate entity to protect the Swedish brand’s luxury image. “We want to be careful not to damage the Volvo brand,” said Freeman Shen, Geely’s vice president for international operations. “We don’t want the image of [...]
Volvo dealers remain uncertain about whether the recent acquisition of the brand by China’s Zhejiang Geely Holding Group will mean that their showrooms will be stocked with inexpensive Chinese cars. On Dec 23, FoMoCo announced that the deal with Geely should be closed sometime in the second quarter of 2010, and some dealers have expressed [...]
When China’s Zhejiang Geely Holding Group takes over FoMoCo’s Volvo next year, it will leave the Swedish luxury brand untouched. According to Li Shufu, the founder and chairman of Geely, Volvo’s production, research and development facilities, union agreements and dealer networks will be left intact. “If the deal succeeds, nothing will change for Volvo, except [...]
