While a cure for Sweden’s turbulent, American-owned auto industry is nowhere in sight, things may be getting a little better – or worse – in Volvo ’s hometown of Gothenburg. Reports out of the Nordic country indicate that a deal for Chinese automaker Geely to acquire Volvo could be announced as early as tomorrow.
Vaestnytt, a Swedish television channel, reported that Geely and Ford have been meeting in London to discuss the sale and that an agreement is very close. Geely would be acquiring Volvo mainly for the automaker’s technology and experience, as well as its European and North American distribution networks. Vaestnytt says that the sale could be valued at 15 billion kronor, or about $2 billion.
Sweden’s TT news agency says that Geely wants to have the sale wrapped up before next February in time for the Chinese New Year.
