Volvo says China’s Geely is preferred bidder
Published: October 28, 2009
STOCKHOLM -- Ford-owned Volvo Cars says China's Geely Group is the preferred bidder in the U.S. automaker's attempts to sell the Swedish unit.
Volvo Cars spokeswoman Maria Bohlin told The Associated Press today that "Ford has confirmed that Geely has been announced as the preferred bidder."
She said it's positive for Volvo "to have clear information from Ford" about developments in the sales process.
Dearborn, Michigan-based Ford said last year that it wants to sell Volvo so that it can focus its efforts on three core brands: Ford, Lincoln and Mercury. Ford acquired Volvo in 1999 for $6.45 billion from Volvo AB.
-- The Associated Press
Reader Reactions
It almost seems an insult to sell the Volvo brand to Geely, but Ford didn’t appreciate Volvo.
I’m 100% “In the tank” for Volvo.. I toured their factory in Sweden years ago, but they made me go home at the end of the trip!
Our two Volvo’s are starting to show their age, but not a SINGLE mechanical problem yet. My prior car(an American car).. total pile of crap, it almost qualified for the “lemon law”
Volvo builds nice safe cars. Maybe the Chinese will appreciate this brand more than Detroit did?
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