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 this year,” Geely CEO Gui Sheng Yue told reporters in Hong Kong.
Geely will pay a total of $1.8 billion for Volvo and its related assets.
The founder of Geely, Li Shufu, recently compared Volvo to a tiger that needs to be freed and no, we’re not kidding. Check out this post here.
– By: Kap Shah
Source: Automotive News (Subscription Required)