Aug 2nd, 2010 by Ross Edwards
Ford has announced that the sale of the Volvo car company for $1.8 billion to Zhejiang Geely Holding Group is complete. The sale of Volvo means that Ford no longer owns any European luxury brands, and is one step closer to the goal of focusing on the core brand. Ford sold Land Rover and Jaguar to Tata Motors in 2008.
“The sale of Volvo will allow us to sharpen our focus on the Ford brand around the world and continue to deliver on our One Ford plan serving our customers with the very best cars and trucks in the world,” said Alan Mulally, Ford CEO.
The 2010 Volvo C30.
Ford says that it will continue to cooperate with Volvo in order to ensure that the transition between ownerships is smooth. Ford will provide vehicle components, including powertrains, to Volvo.
Geely, a Chinese car company that has been building cars since 1986 , says that it is ready to pump $900 million into rejuvenating Volvo in addition to the $1.8 billion purchase price. Volvo has not made a profit since 2005, according to Autoweek.
Geely will use the Volvo name to sell luxury cars in China, but plans to keep Volvo’s European operations intact for international sales. Geely has not announced any changes to Volvo’s U.S. lineup, which currently consists of three crossover SUVs, two station wagons, three luxury sedans and the C30 and C70 coupes.
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