Chinese manufacturer Geely is closing in on completing its purchase of Volvo from Ford, according to reports from Sweden.
Swedish business daily Dagens Industri said Geely had now managed to secure the 15 billion Swedish crowns (£1.4bn) required to complete the deal from Chinese financial institutions and regional government bodies.
An unnamed source close to the deal told the paper that the money was already in the bank account of Geely’s parent company Zhejiang Geely Holding Group.
Geely stated earlier this week that its attempts to secure the financing were ongoing, although the deal had yet to be finalised. China’s largest private carmaker wants to complete the deal for Volvo by May.