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Volvo 'to be Geely's by March'
11 January 2010
Volvo insiders expect their company to be sold to Chinese firm Geely by the end of March.
The Chinese are believed to be keen to complete the deal by Chinese New Year in February, but our sources told us the deal isn’t likely to be completed that soon.
Geely chairman and founder Li Shufu, the world’s 300th richest man, is believed to want to keep the firm’s existing technology and design centre in Gothenburg open, but also establish another in China.
This centre is is likely to be established in Shanghai under the leadership of Volvo design boss Peter Horbury, from whom Li has already received assurances that he will stay with the company.
Li is understood to have a vision of a Volvo company building a million cars a year in Gothenburg and a new Chinese facility, well over double its current volume.
Steve Cropley
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