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SUNDAY, NOVEMBER 22, 2009
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8

Ford Looks to Sell Volvo to China

Geely is only bidder remaining for Swedish subsidiary

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(Newser) – Ford put its Volvo unit up for sale last December, and it's narrowed the possible buyers to just one bidder: a Chinese consortium led by Geely, the country's largest private automaker. Geely first approached Ford about the purchase in summer 2008 and is prepared to pay about $2 billion, less than a third of the price Ford paid a decade ago. The company rejected an offer by an American group backed by private equity.

Last year Ford sold off Jaguar and Land Rover to India's Tata Motors for $2.4 billion, and getting Volvo off of its hands will allow the automaker to concentrate on its core brands in hopes of making a profit by 2011. The deal with Geely hasn't been inked yet, though, and Ford had considered keeping the Swedish unit as its losses began to narrow this year.

A model of Chinese automaker Geely's Gleagle GX 313 at the Shanghai International Auto Show on its public opening day in Shanghai, China.
A model of Chinese automaker Geely's Gleagle GX 313 at the Shanghai International Auto Show on its public opening day in Shanghai, China.   (AP Photo/Eugene Hoshiko, File)
The Volvo logo on the front grille is shown in Miami, Tuesday, July 21, 2009.
The Volvo logo on the front grille is shown in Miami, Tuesday, July 21, 2009.   (AP Photo/Alan Diaz)
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8 comments
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dontlikeyou
Oct 28, 09 9:05 AM CDT
That is a shame. Volvo is a good brand. Reply
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+2
tomodachi
Oct 28, 09 9:12 AM CDT
Was a great brand... before Ford bought it in 2000. Reply
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+3
IN RESPONSE:
Spudsy
Oct 28, 09 11:57 AM CDT
Agreed. Ford still owes me 20k for that 1995 Windstar they sold me. Crapmobile.
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0
Uradumbass
Oct 28, 09 10:08 AM CDT
Ford.....used to be a decent company. Now they're just another joke like GM and Chrysler. Reply
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+1
schmidtkoff
Oct 28, 09 10:42 AM CDT
let's just sell the whole of america to the chinese. they own everything else american, well, just about. Reply
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