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Economy

Chinese Car Maker Buys Volvo

Published måndag 29 mars 2010 kl 16.00
Geely chairman Li Shufu and Ford's CFO Lewis Booth

After an agonizing long negotiations over the fate of the troubled Swedish car company Volvo, the American owners Ford have agreed to sell the company to China´s second biggest private car company Geely – eager to add the Swedish brand name to boost its international prestige.

For the 20,000 Volvo employees here in Sweden and in Belgium, this means that operations will continue – no longer fearing a closure of the plants and new armies of the unemployed – also spreading to the many firms delivering parts to Volvo.

   

At the week-end ceremony at the Volvo plant in Western Sweden, Geely chairman Li Shufu speaking via a translator tried to calm any worries that Volvo’s future might not be here in Sweden.

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