Chinese Firm Purchases Volvo For $1.8 Billion

  • August 2, 2010

Ford says it has completed the sale of Volvo Car Corporation and related assets to the Zhejiang Geely Holding Group Co. Ltd. for $1.8 billion.

Said Alan Mulally, Ford's president and CEO in a release, "The sale of Volvo will allow us to sharpen our focus on the Ford brand around the world and continue to deliver on our One Ford plan."

Ford says it will continue -- for the time being -- to supply Volvo with powertrains, stampings and other vehicle components. Ford will also offer engineering support, information technology, access to tooling for common components, and other selected services for a transition period.

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