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car industry

Ford Will Sell Volvo, No Matter What

Published onsdag 3 mars 2010 kl 18.29
John Fleming with Volvo CEO Stephen Odell in Geneva

The head of Ford Motors’ European division has said that the company will not retain ownership of Volvo, even if its deal with Chinese Geely does not go through. Ford had wanted the deal to be sealed before the Chinese New Year in February, but those plans had to be abandoned as Geely waits for approval from the Chinese state.

Speaking at a press conference at the Geneva Motor Show, John Fleming maintained that Ford had done everything in its power to speed up the affair, and that Geely has the responsibility to finish the sale.

The two companies now hope to complete the deal by the end of March.

The companies may look to another famed Swedish carmaker for inspiration: General Motors' sale of Saab to Dutch company Spyker was just finalized at the end of February.

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