Reports Volvo Geely Deal Signed

Updated 3:11 PM

China’s Xinhua news agency has reported that the Chinese car maker Geely has signed an agreement with Ford to buy the Swedish-based Volvo Cars unit.

Volvo, Geely, and Ford have called a press conference for 13:20 hrs UTC Sunday, and it has been widely expected that the signing of the deal would be announced at that time.

Volvo has confirmed the signing of the deal.

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