Geely Reach Agreement to Buy Volvo - Report

Volvo

By Thami Masemola
June 19, 2009 6:00 PM
Filed Under: American, European, Ford, Volvo

Has Volvo found a Chinese suitor? That is the story currently breaking. According to a few media reports, most of them coming from China itself, Ford has reached an agreement with Geely of China to sell Volvo Cars to that company.

Reports, which cite a Chinese government source, say Geely plans to start production of a new Volvo car in China's Guangzhou Province after introducing the XC90 SUV to the country. They go on to say Geely is prepared to invest up to US$10 billion in Volvo's global operations.

But Volvo denies that such an announcement exists. "An announcement related to the sale of Volvo Car Corp. would only come from Ford Motor Company," it said in a statement. "As of today, neither Ford Motor Company nor Volvo Car Corporation in Sweden has made any announcement regarding the sale of Volvo. Reports of such a sale by any media outlet are speculative and, therefore, are not accurate."

Source: autocar

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Tags: Geely

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Comments

joelynn

June 19, 2009 6:08 PM

very bad news for the swedes if this happens... dont trust the chinese not to just sack everyone like they did with Rover. Future Volvos will be Volvos in name only.

Renegade

June 19, 2009 6:10 PM

NOOO, it's a sad day to all the car fans around the world.

rsrtampa

June 19, 2009 6:20 PM

Please don't let this be true. If Ford cares about their long term success they will not LET this happen.

alessandro

June 19, 2009 7:54 PM

By-by Rover ...or who it was?!

But I have no money to buy a Chinese car. I just brought a Korean piano - very reliable, big wheels, agressive look and long warranty for a paint job you know!

Edited by user on June 19, 2009 at 7:59 PM

RzGTmorio

June 19, 2009 8:05 PM

Hi guys!

Well i think it´s a bad news to... But, the new MG have a nice look, and the substitute of Rover is Rowee or...whatever, have a nick looks but the quality of material i think it´s bad... :S

MutantSushi

June 19, 2009 9:41 PM

Meh.... Sounds like over-reaction by the low-IQ set.

Assuming it's not just hot air, there's a load of more likely explanations, the frist being Geely investing in a local JV with Volvo, which is the basic modus operandi for transnational manufacturer's in China. Of course, the low IQ+Chinese nationalist set would interpret Geely investment in such a venture as "buying Volvo".

norther

June 19, 2009 10:55 PM

this is awful. who the f.ck is geely? volvo should be bought by koenigsegg too. i know it would be a big investment for koenig at first, but i think it will pay off.... a lot.

June 20, 2009 12:17 AM

Volvo AB should just go back Sweden and rejoin its old buddy Volvo Corp. Geely is bad even compare to other Chinese manufacterers. Copying models of cars and reinvented into stupid versions of them...

Razz

June 20, 2009 1:35 AM

No way man !!! OMG .. the Geely crap to buy Volvo, it must be a nighmare or something in the auto world, if such thing as this will happen. Maybe G only wanted to make some advertising, for free, and launched some rumours - chinese type. I don't know, maybe Volvo are too expensive for the package you get, but still .. at least G didn't copied other EURO designs. Good luck Volvo, but why isn't Ford keeping it .. the XC60 is selling very well?

Jorge_has_A3_TDI

June 20, 2009 6:40 PM

Good for Geely!

alessandro

June 20, 2009 7:18 PM

Who the freak cares what IQ-ed geeks thinks. Investment with no cultural tradition of personalized creative freedom (on which is built up that car industry too from his craddle) is about buying decision rights far beyond its competence. And it is bad!

smohed

June 21, 2009 6:01 PM

the chinese is taking over all the car industry in just a few years

ne1butu

June 22, 2009 5:51 AM

Well there goes Volvo. My family has always owned them. My very liberal mother is very open minded about just about everything, except for purchasing products from China. She can't stand it when things are made in China, let alone made in China for Chinese owned companies. She will probably set fire to her car when she catches wind of this. I'm exaggerating of course, but maybe not really.

alessandro

June 22, 2009 1:39 PM

In 2007 I was in Venice and I was stopped in front of restaurant entrance by Chinese dud who invite me to visit his "restaurant of Italian Cuisine". So he really thought that I or we all are ready to pay for Chinese imagination of Italian food tradition in Italy and even shall eat it. This is "una idea della cretini medi". Never. Same with cars.

Edited by user on June 22, 2009 at 1:43 PM

Fastidious

September 11, 2009 12:51 AM

I've got a Volvo S40 car and if Ford sells its Volvo brand to the Chinese I will get rid of my car as soon as possible.

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