Ford has been trying to sell off Volvo for quite some time and over the past few months they’ve been in talks to do so with Chinese automaker Geely (Zhejiang Geely Holding Group Company Limited). According to Autoblog.com the deal has finally been made for the bargain price of $1.8 billion. Volvo, under the terms of the agreement, will still be supplied with multiple vehicle parts such as powertrains and other components from Ford for some additional time.
Lewis Booth, Ford executive vice president and chief financial officer said, “The Volvo team has made tremendous progress in restructuring its business and delivering results during the sale process.”
He then stated, “We believe this agreement will provide Volvo with the necessary resources, including the capital investment, to strengthen the business and to continue to move it forward in the future. We wish Volvo’s management team, employees and new owners every success for the future.”
Volvo’s headquarters will still be located in Sweden with Stefan Jacoby, formerly of Volkswagen taking on the roll of President and Chief Executive of Volvo Cars.