Geely announcment coming soon
23 December 2009

Volvo's sale to Chinese car maker Geely is imminent, according to reports.

Talks between the two sides are said to be ongoing in London, but a deal is reported to be close. However, even if it is signed, the reports suggest it may not be announced until after Christmas.

Volvo Cars was founded in the Swedish city of Gothenburg in 1927 and hase 22,000 employees worldwide, around 16,000 of whom work in Sweden.

Ford announced last December it wanted to sell Volvo, which it bought in a $6.4 billion deal in 1999.

The US company picked Geely in October as preferred bidder for Volvo.

Geely last month said it had reached an agreement with Ford to own the intellectual property rights on Volvo's key technologies, including those related to safety and the environment.

Twitter - follow autocar.co.uk

Join the debate

Comments
5

23 December 2009

Why cant GM not sell as smoothly! talking of which is there no news about the spyker offer autocar?

23 December 2009

Latest news is no decision until after Christmas!! GM are taking a break! Doesn't bode well...

23 December 2009

It's interesting how these things always seem to happen around Christmas time. What is it about large companies laying off staff and/or selling subsidiaries at Christmas???

Not just the automotive industry, seems to be a recurring theme everywhere. Do negotiations get concluded because all the execs want to have it resolved before they head off on holidays, and have the news reports all over the papers while they are off in the Caymans until New Year?

23 December 2009

Well, I would rather see Volvo close now, rather than suffer as SAAB under the GM years. Would you buy a Chinese developed Volvo? I would never do, in the same way that fewer and fewer people were prepared to buy a GM diluted and stagnat SAAB. At least GM preserved SAAB's heritage by selling the intellectual property, but not the image, so that it dies a dignified death. A Geely Volvo would be unsaleable, and its heritage will simply disappear into insignifigance, the same way that MG and Rover are no longer remembered for their early achievements, but for their later automootive disasters. I can see Volvo staggering into the future, as with SAAB, with old platforms and the engineering intergrity diluted, reaching a point when no-one would want them and nothing left in their image. Hope I am proven wrong.

23 December 2009

Not if they keep Volvo in Sweden and the R&D, and then the real thing is to partner with the likes Ford for R&D and pooling design etc. Unlike Rover which had nothing bar some way of making very old Honda's or re skinned BMW in the case of the 75 look 'new', Volvo has a lot of tech and should have a good future. James.

Add your comment

Log in or register to post comments

Find an Autocar car review

Driven this week

  • Skoda-Karoq 2.0 TDI 4x4
    First Drive
    16 October 2017
    Diesel version of Skoda’s junior SUV is unobtrusive and undemanding, but we’d still go for the silkier petrol version of the Karoq
  • Audi Q7 e-tron
    First Drive
    16 October 2017
    Expensive and flawed but this understated diesel-electric Audi Q7 has a lot to offer
  • Citroën C3
    First Drive
    16 October 2017
    Is the third gen Citroën C3 ‘fresh and different’ enough to take on its supermini rivals? We spend six months with one to find out
  • BMW X3
    First Drive
    15 October 2017
    A satisfying rework of the X3 that usefully improves its handling, cabin finish, space and connectivity to make this BMW a class front-runner again
  • Vauxhall Insignia Country Tourer
    First Drive
    13 October 2017
    Off-road estate is now bigger, more spacious and available with torque-vectoring all-wheel drive, but is it enough to make its German rivals anxious?