The man picked to head up Volvo following its $1.5 billion acquisition by Geely Holding Group plans to push the brand upmarket and make China its biggest market within five years. “I totally agree we have to up-scale Volvo in the near future to have a solid position in the premium segment,” Stefan Jacoby said. [...]
The Ministry of Commerce has granted Geely Holding Group final approval to acquire the Volvo car brand from Ford Motor for $1.8 billion. Geely spokesperson Ning Shuyong said that the approval will allow Geely to formally complete the acquisition, which is planned to close in the third quarter of this year, having been underway since [...]
France’s largest carmaker, PSA Peugeot Citroën, has signed an initial agreement to set up a venture with China Changan Group. In a joint statement, the companies said the manufacturing venture will produce light commercial vehicles and cars, allowing Peugeot to enter the growing Chinese market for delivery vehicles, an area in which GM and Ford [...]
Zhejiang Geely Holding Group reached an agreement with Ford Motor to buy Ford’s Volvo brand for $1.8 billion. Ford will receive $1.6 billion in cash and a $200 million note from Geely under the deal, which is expected to close in the third quarter of this year. Ford has been trying to strengthen its financial [...]
Talks between Geely Automobile and Ford Motor over Geely’s bid for Volvo have run into trouble due to unspecified problems at Ford, according to the chairman of the Chinese firm’s parent company. Li Shufu, who heads Zhejiang Geely Holding Group, said he still expected the sale to go through but warned that the situation is [...]
Geely Automobile Holdings, which is preparing to assume control over Volvo Cars from Ford Motor Company, may also be readying a bid to take control of Manganese Bronze, which makes the iconic black cabs of London. According to Manganese Bronze Holdings Finance Director Mark Fryer, Geely may increase its stake to 51% from 19.9% by purchasing [...]
Zhejiang Geely Holding Group will likely spend more than $1.4 billion to breath life back into Volvo Cars after acquiring the struggling Swedish automaker from Ford. According to Glenn Magnusson, head of the managers’ union at Volvo, the figure is described as an “an absolute minimum” necessary for research and development, along with marketing, production [...]
Mazda Motor, in which Ford holds an 11% stake, is looking to increase China production capacity to keep up with growing domestic demand, according to the company’s chief financial officer Kiyoshi Ozaki. The Japanese car company intends to increase China sales by 22% this year. Mazda said in January it plans to sell 220,000 vehicles [...]
Geely, the largest Chinese domestic privately-owned automaker, may pay less than $1.6 billion in its acquisition of Swedish brand Volvo. Volvo’s assets were appraised at $1.5 billion, more than a 75% discount to the price Ford paid in 1999. The acquisition deal will be signed on February 8, with the intention of closing the deal [...]
Mazda and Ford have entered discussions to possibly dissolve their joint venture in China, under which the foreign auto makers currently share manufacturing bases in Chongqing and Nanjing with Chongqing Changan Automotive. The discussions could result in a restructuring in which the Chongqing operations would be jointly owned operated by Ford and Changan, while the [...]
