Geely: Still on track to buy Volvo from Ford

Geely: Still on track to buy Volvo from Ford
By Andrew Ganz - Posted March 8th 2010

With Geely’s rumored February 8 deadline to acquire Volvo long a thing of the past, some questions have arisen about the Chinese automaker’s ability to make good on the deal it tentatively made with Ford. However, the company’s chairman, Li Shufu, reaffirmed that “everything is moving as planed.”
“We haven’t reached a final agreement so far,” Li told reporters at the National People’s Congress in Beijing on Friday. Unlike a fellow Chinese company’s stymied plans to buy Hummer from General Motors, Li says that Geely has encountered “no difficulties.”

Geely has been silent on its acquisition deadline, but Reuters says that it saw a document suggesting that the Chinese automaker will buy Volvo for up to $2 billion by May. That deal would almost certainly include Volvo’s latest model, the brand new S60 sedan that debuted last week at the Geneva Motor Show.
References
1. ‘Geely’s Volvo talks still…’ view
9 COMMENTS
1. 85ZingoGTR143 days ago
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  I really hope they stick to their word and leave Volvo alone to do their own thing and not tamper with their cars. Otherwise they’re f#cked.
  
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2. mitzo143 days ago
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  Too bad Ford decided to go ahead with this.
  
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3. JakeK66143 days ago
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  That a beautiful car in the picture!
  
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4. johnnycanuck143 days ago
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  85Zingo… of course they will leave them alone.
  
  Oh by the way, it’s almost April… I know, I can’t wait for the Easter Bunny to show up either!
  
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5. jdasch1143 days ago
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  Volvo is a money loser for Ford and will be a profitable niche player under….anyone but the Chinese. Li Shufu, reaffirmed that “everything is moving as planed”…kind of like Hummer??? Slave labor, controlling communists will put a stop to it all when they feel its all going down. LLN- please spellcheck “planed”
  
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6. tHeWasTeDYouTh143 days ago
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  that sucks that the Chinese get to have Volvo, they can throw cars at us like crazy because they pay their workers crap
  
  you guys think the Japs have us good, wait until the chinese get here. WE ARE LE ****ED
  
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7. 85ZingoGTR143 days ago
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  johnnycanuck – Well lets hope for the best. Volvo is in the midst of a styling evolution which seems to be working in their favor. But I can also say that hopefully this will help Geely improve their own cars. Just don’t be surprised to see them make an appearance in our streets soon. They already tried and failed. This is round 2.
  
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8. motorheader143 days ago
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  @ jdasch1 – Volvo has, for most of the years owned by Ford, made money. And with their current line-up they will start making money soon, maybe already this year. Ford should not get rid of it!
  Volvo has contributed with a lot of technology, in particular on the safety side, for FoMoCo.
  
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9. jdasch1142 days ago
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  motor-Ford needs to use all of their resources to advance the Ford family of vehicles, not pick whether Volvo or any other competing vehicle line they own gets that technology first or second. Ford owns more patents than any other car company, and when they come up new great ideas, they need to go into Ford vehicles. If Volvo has talent within the organization that Ford wants, then I’m sure they have offered them a job. If Volvo is working on some great technology coming soon, I’m sure Ford has moved it inhouse at Ford, not Volvo. My point is, once a company has owned another company for as long asFord has owned Volvo, what possible use is Volvo to Ford?? A test bed?? I say sell them off and keep up the progress on building the Ford brand. Hire the talent at Volvo that you want. Leave the Chinese or whomever wants the Swedish brand to take it to the promise land. Maybe Toyota needs a company focused on safety…could be a great PR move for Toyota.
  
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