Volvo’s New Owner – Geely
According to WorldCarFans – 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.”
Yet another story in the saga of the big tin pot american car companies who buy up pedigree car companies from Europe, then crash them. Ford, Chevy they are all the same. Cheap, ugly, poorly designed rubbish car makers. Volvo is a car that had an excellent build quality. I was hoping that Europe would have taken Volvo home and put them back on the map. Ford can’t even get it right after seeing how the european cars are designed.