Chinese Money Behind Volvo & Saab
Chinese money may finance the sales of both Volvo and Saab, Swedish newspapers report. While the Koenigsegg Group revealed that Beijing Automotive Industry Holdings will put up the money to complete their purchase of Saab Automobile on Tuesday, Chinese car company Geely announced their desire to buy Volvo.
Not everyone is pleased, however. A number of car industry unions have expressed dismay about Geely’s interest in buying Volvo, citing fears of jobs disappearing to China. Car engineers are also afraid that their exclusive technology will appear in Geely’s less advanced Chinese vehicles.
If Geely were to buy Volvo, it would most likely to do so with the Chinese state’s financial backing.