Ford Motor Co. will complete the sale of Volvo to Geely Automobile, a Chinese automaker, by Q1 2010. Automotive World has more:
As of now, the US OEM says that all substantive commercial terms relating to the potential sale have been settled between Ford and Geely, though some work still remains to be completed before signing, including final documentation, financing and government approvals.
Ford says that the proposed sale to Geely would provide Volvo with “the resources, including the capital investment, necessary to further strengthen the business and build its global franchise, while enabling Ford to continue to focus on and implement its core ONE Ford strategy.” Ford expects to continue cooperating with Volvo across several areas after a the sale, though it does not intend to retain a shareholding. Further details are expected to be released following the signing of a definitive sale agreement.