Currently reading: Volvo sale 'next week'
Ford will sell Volvo to Chinese company Geely next week
Autocar
News
1 min read
30 July 2010

Ford plans to complete the sale of Volvo to Chinese company Geely next week, according to financial website Bloomberg.

China’s Ministry of Commerce, the government regulator of major acquisitions, has cleared the sale which was first agreed in March this year.

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Geely shares have soared 11 per cent in response. Volvo is to be sold for $1.8 billion (£1,151m), less than a third of what Ford paid for the company in 1999.

Once the sale is complete, Ford chief executive Alan Mulally will have sold all the company’s European brands, including Jaguar, Land Rover and Aston Martin, since arriving at the company in 2006. Mulally is committed to focusing only on Ford's core brands in Europe.

Volvo had pre-tax profit of $53 million (£33.9m) in the second quarter, compared with a $237 million (£151m) loss a year earlier, Ford said last week.

Geely’s London spokesman declined to comment on the timing of the deal.

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Los Angeles 30 July 2010

Re: Volvo sale 'next week'

disco.stu wrote:
they will spell it Wu Hu.

At the risk of appearing unsophisticated, DS, is that actually true? Amazing how much can be lost in translation. Quite comical, really.
val. 30 July 2010

Re: Volvo sale 'next week'

disco.stu wrote:
Oh, misread the headline. So it's not like the DFS sale next week then? Was hoping to pick up an XC90 at 50% off...
I also misread the headline and 50% off an XC90 would be very nice.

disco.stu 30 July 2010

Re: Volvo sale 'next week'

WFC Holden wrote:
Is that what they're going to call the LWB version, then? The Woohoo?

Well, since Volvo is about to become Chinese, yes. Except they will spell it Wu Hu.