Volvo purchased from Ford by Zhejiang Geely

Chinese company Zhejiang Geely Holding Group Co., Ltd, has signed a definitive stock purchase agreement with the Ford Motor Company to acquire 100 percent of the Volvo Car Corporation and related assets.

Geely has secured the price of the purchase, US$1.8 billion, and the working capital to support Volvo’s operational costs.

Volvo’s new owner intends to maintain Volvo’s existing manufacturing facilities in Sweden and Belgium, and also to explore the possibility of establishing manufacturing facilities in China to serve the fast-growing Chinese car market.

Geely envisions that the Chinese market will become akin to a “second home” for Volvo.

The purchase transaction is expected to be finalised in the third quarter of 2010.

Volvo is represented in Mozambique by their official country agent, Frexpo Moçambique Lda.

Visit the Geely website at www.geely.com