Volvo is heading into Chinese hands. Ford has agreed to sell the Swedish manufacturer to Chinese giant Geely. In a statement, the Blue Oval said that it still had ‘some work to do to complete the deal’ but it is likely to be finalised in the Spring.
The news at last gives Volvo security, ensuring that cars like the upcoming new S60 and an electric version of the C30 hatchback have a future. Following the sale of Land Rover, Jaguar and Aston Martin, Volvo is the last of Ford’s Premier Automotive Group (PAG) brands to go. The sale to Geely will give the Chinese firm a vital foothold in the European market.
However, while Volvo is now safe, fellow Swedish firm Saab is still waiting a last minute lifeline following General Motors' plans to wind down the company.
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