At press conference in Gothenburg, Sweden today, Ford and Geely have announced that both companies have reached a final deal to sell Volvo to the Chinese automaker for the final purchase price of $1.8 billion. This transaction price includes Volvo’s physical assets and some of its intellectual property. Geely will own all equity stake in [Read More]

According to a report by the Financial Times, Geely will run Volvo as a separate entity to protect the Swedish brand’s luxury image. “We want to be careful not to damage the Volvo brand,” said Freeman Shen, Geely’s vice president for international operations. “We don’t want the image of a luxury car made in a [Read More]

Ford and General Motors have been looking to sell off their Swedish brands Volvo and Saab, respectively, for quite some time now. Currently there are quite a few bidders for these automakers. Earlier rumors had it that Chinese automaker Geely was among these bidders, but the company has denied bidding for either Swedish automaker, saying [Read More]

With its June 1 deadline to complete its restructuring inching closer, General Motors is moving fast to rid itself of some dead weight. So far GM wants to let go Saturn, HUMMER and Saab, with the intention to kill off Pontiac. It has began taking bids for both Saturn and Saab. There is a report [Read More]