Geely founder and owner Li Shufu

Geely Volvo Deal Expected Sunday

Volvo Cars has called a press conference in Gothenburg Sunday afternoon, where they are expected to announce the purchase of the company from Ford by the Chinese car maker Geely.

Volvo Cars head of information, Per-Åke Fröberg, tells the TT news agency that according to the plan the agreement will be signed during the day. Taking part in the press conference will be Ford’s CFO Lewis Booth, Volvo Cars CEO Stephen Odell, and the owner and chairman of Geely, Li Shufu.

It’s also believed that China’s Vice President Xi Jinping, currently visiting Gothenburg, will also attend.

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