Ford_News
08-02-2010, 06:09 AM
Filed under: Etc. (http://www.autoblog.com/category/etc/), Ford (http://www.autoblog.com/category/ford/), Volvo (http://www.autoblog.com/category/volvo/), Geely (http://www.autoblog.com/category/geely/)
http://www.blogcdn.com/www.autoblog.com/media/2010/08/17-2011-volvo-s60-630op.jpg (http://www.autoblog.com/photos/2011-volvo-s60/#2691296)
2011 Volvo S60 - Click above for high-res image gallery
After months of protracted negotiations, Ford (http://www.autoblog.com/make/ford/) has officially sold Volvo (http://www.autoblog.com/make/volvo/) to Zhejiang Geely Holding Group Company Limited - aka Geely (http://www.autoblog.com/tag/Geely/) - for $1.8 billion.
The Chinese automaker originally included a $200 million note and the balance in cash, and today, it paid the remaining $1.3 billion to wrap up the sale, although the final sale price won't be released until later this year and could put more cash in the pockets of FoMoCo.
Under the terms of the sale, Ford will continue to supply Volvo with everything from powertrains to stamping systems and other vehicle components for differing periods of time. Additionally, Ford and Geely have come to an agreement on intellectual property usage, with Volvo allowed to grant sub-licenses to specific systems to third parties, including Geely.
Stefan Jacoby (http://www.autoblog.com/tag/StefanJacoby/) - formerly of Volkswagen (http://www.autoblog.com/make/volkswagen/) - will take the helm as the new President and Chief Executive of Volvo Cars, and under the new ownership, the automaker will continue to keep it headquarters and manufacturing centers in Sweden and Belgium.
Full details in the dueling press releases after the jump (http://www.autoblog.com/2010/08/02/ford-officially-sells-volvo-to-geely-for-1-8b/#continued).
Gallery: 2011 Volvo S60 (http://www.autoblog.com/photos/2011-volvo-s60/)
http://www.blogcdn.com/www.autoblog.com/media/2010/02/03-2011-volvo-s60_thumbnail.jpg (http://www.autoblog.com/photos/2011-volvo-s60/#2691267)http://www.blogcdn.com/www.autoblog.com/media/2010/02/05-2011-volvo-s60_thumbnail.jpg (http://www.autoblog.com/photos/2011-volvo-s60/#2691272)http://www.blogcdn.com/www.autoblog.com/media/2010/02/04-2011-volvo-s60_thumbnail.jpg (http://www.autoblog.com/photos/2011-volvo-s60/#2691269)http://www.blogcdn.com/www.autoblog.com/media/2010/02/02-2011-volvo-s60_thumbnail.jpg (http://www.autoblog.com/photos/2011-volvo-s60/#2691266)http://www.blogcdn.com/www.autoblog.com/media/2010/02/01-2011-volvo-s60_thumbnail.jpg (http://www.autoblog.com/photos/2011-volvo-s60/#2691265)
[Source: Ford, Geely]Continue reading BREAKING: Ford officially sells Volvo to Geely for $1.8b (http://www.autoblog.com/2010/08/02/ford-officially-sells-volvo-to-geely-for-1-8b/)
BREAKING: Ford officially sells Volvo to Geely for $1.8b (http://www.autoblog.com/2010/08/02/ford-officially-sells-volvo-to-geely-for-1-8b/) originally appeared on Autoblog (http://www.autoblog.com) on Mon, 02 Aug 2010 07:46:00 EST. Please see our terms for use of feeds (http://www.weblogsinc.com/feed-terms/).
Permalink (http://www.autoblog.com/2010/08/02/ford-officially-sells-volvo-to-geely-for-1-8b/) | Email this (http://www.autoblog.com/forward/19577155/) | Comments (http://www.autoblog.com/2010/08/02/ford-officially-sells-volvo-to-geely-for-1-8b/#comments)
More... (http://www.autoblog.com/2010/08/02/ford-officially-sells-volvo-to-geely-for-1-8b/)
http://www.blogcdn.com/www.autoblog.com/media/2010/08/17-2011-volvo-s60-630op.jpg (http://www.autoblog.com/photos/2011-volvo-s60/#2691296)
2011 Volvo S60 - Click above for high-res image gallery
After months of protracted negotiations, Ford (http://www.autoblog.com/make/ford/) has officially sold Volvo (http://www.autoblog.com/make/volvo/) to Zhejiang Geely Holding Group Company Limited - aka Geely (http://www.autoblog.com/tag/Geely/) - for $1.8 billion.
The Chinese automaker originally included a $200 million note and the balance in cash, and today, it paid the remaining $1.3 billion to wrap up the sale, although the final sale price won't be released until later this year and could put more cash in the pockets of FoMoCo.
Under the terms of the sale, Ford will continue to supply Volvo with everything from powertrains to stamping systems and other vehicle components for differing periods of time. Additionally, Ford and Geely have come to an agreement on intellectual property usage, with Volvo allowed to grant sub-licenses to specific systems to third parties, including Geely.
Stefan Jacoby (http://www.autoblog.com/tag/StefanJacoby/) - formerly of Volkswagen (http://www.autoblog.com/make/volkswagen/) - will take the helm as the new President and Chief Executive of Volvo Cars, and under the new ownership, the automaker will continue to keep it headquarters and manufacturing centers in Sweden and Belgium.
Full details in the dueling press releases after the jump (http://www.autoblog.com/2010/08/02/ford-officially-sells-volvo-to-geely-for-1-8b/#continued).
Gallery: 2011 Volvo S60 (http://www.autoblog.com/photos/2011-volvo-s60/)
http://www.blogcdn.com/www.autoblog.com/media/2010/02/03-2011-volvo-s60_thumbnail.jpg (http://www.autoblog.com/photos/2011-volvo-s60/#2691267)http://www.blogcdn.com/www.autoblog.com/media/2010/02/05-2011-volvo-s60_thumbnail.jpg (http://www.autoblog.com/photos/2011-volvo-s60/#2691272)http://www.blogcdn.com/www.autoblog.com/media/2010/02/04-2011-volvo-s60_thumbnail.jpg (http://www.autoblog.com/photos/2011-volvo-s60/#2691269)http://www.blogcdn.com/www.autoblog.com/media/2010/02/02-2011-volvo-s60_thumbnail.jpg (http://www.autoblog.com/photos/2011-volvo-s60/#2691266)http://www.blogcdn.com/www.autoblog.com/media/2010/02/01-2011-volvo-s60_thumbnail.jpg (http://www.autoblog.com/photos/2011-volvo-s60/#2691265)
[Source: Ford, Geely]Continue reading BREAKING: Ford officially sells Volvo to Geely for $1.8b (http://www.autoblog.com/2010/08/02/ford-officially-sells-volvo-to-geely-for-1-8b/)
BREAKING: Ford officially sells Volvo to Geely for $1.8b (http://www.autoblog.com/2010/08/02/ford-officially-sells-volvo-to-geely-for-1-8b/) originally appeared on Autoblog (http://www.autoblog.com) on Mon, 02 Aug 2010 07:46:00 EST. Please see our terms for use of feeds (http://www.weblogsinc.com/feed-terms/).
Permalink (http://www.autoblog.com/2010/08/02/ford-officially-sells-volvo-to-geely-for-1-8b/) | Email this (http://www.autoblog.com/forward/19577155/) | Comments (http://www.autoblog.com/2010/08/02/ford-officially-sells-volvo-to-geely-for-1-8b/#comments)
More... (http://www.autoblog.com/2010/08/02/ford-officially-sells-volvo-to-geely-for-1-8b/)