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REPORT: Geely agrees to buy Volvo? Ford silent
Any talk of brands for sale in the auto industry invariably includes a Chinese automaker as one potential bidder. As such, it's not surprising to hear that Chinese automaker Geely is reportedly in the running to buy Volvo from Ford. Chinese media, however, have begun reporting that Geely has actually signed a deal with the Dearborn-based automaker to buy the last remaining brand from Ford's now-defunct Premium Auto Group.
Has it actually happened? Both Ford and Volvo have made no official statements that would confirm what's being reported in the Chinese media. Official confirmations usually come after a deal has been widely reported in the media, though. However, the only outlets reporting this rumor are from China. We haven't heard a peep from any Swedish-based news organizations, which is surprising considering they were on the ball last week reporting that Koenigsegg had struck a deal with General Motors to buy Sweden's other big auto brand, Saab.
Swedespeed.com actually asked Volvo if the reports of a sale to Geely were true. James Hope, Volvo's US Product Communications Manager, had this to say.
"An announcement related to the sale of Volvo Car Corp. would only come from Ford Motor Company. As of today [Wednesday, June 17, 2009], neither Ford Motor Company nor Volvo Car Corporation in Sweden has made any announcement regarding the sale of Volvo. Reports of such a sale by any media outlet are speculative and, therefore, are not accurate."
There you have it. If an agreement has been struck by Geely and Volvo's parent company Ford, nobody's except the Chinese are talking about it.
[Source: Autocar.uk, Swedespeed]
Reader Comments (Page 1 of 3)
Sea Urchin 2:07PM (6/18/2009)
I thought that words Chinese and Safety do not go hand in hand.
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Nightcrawler 2:30PM (6/18/2009)
That actually might be a reason for such a rumored acquisition to make sense. If Chinese vehicles need to improve their safety features, who better to learn from than Volvo?
Randy 4:21PM (6/18/2009)
Good point! I never thought Ford would actually sell Volvo. I imagined it was just a smokescreen all along. Still not official. I surly hope they don't sell it. It's a good brand!
Matt 10:14PM (6/18/2009)
I really liked Volvo, too :(
That sucks...
Level 2:09PM (6/18/2009)
I read this story yesterday on Motortrend but theirs had an update that Volvo made an announcement that Volvo official response to the report, calling it "speculative" and "inaccurate."
http://wot.motortrend.com/6550590/industry-news/report-chinas-geely-reaches-agreement-to-buy-volvo-from-ford/index.html
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hypermiler 2:09PM (6/18/2009)
For your information, Geely is the same company whose first car destined to the US market couldn't pass the US crash test and were scrapped. This company wants to build your next XC90.
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Bloke 3:01PM (6/18/2009)
Hypermiler - Geely is look to buy the company, not build Volvo's products. Volvo's product management and engineers wouldn't simply up and move to China.
In essence, Geely could learn a good deal from Volvo in a deal such as this.
FotoGenetix 2:10PM (6/18/2009)
If this is true I am deeply saddened, Geely will acquire all of Volvo's technologies for their main line and do nothing for Volvo's innovation and design. This deeply hurts as a long time Volvo fan ever since my dad brought home a solid Swedish built 240DL. We even have a Fomoco platform V50 in the garage. But I refuse to buy a Chinese owned Volvo
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Throwback 2:13PM (6/18/2009)
Even if it is built in Sweden?
hypermiler 2:14PM (6/18/2009)
@ Throwback
> Even if it is built in Sweden?
Built in Sweden with Chinese steel and parts.
FotoGenetix 2:19PM (6/18/2009)
considering existing Volvos use some FoMoCo components, they surely would be replaced by chinese designed counterparts. And I don't believe current volvos are built in Sweden they are still in Europe but a majority are built in Belgium.
Swede 3:03PM (6/18/2009)
Excuse me? Current Volvos are very much built in Sweden, Gothenburg builds the high end cars and Ghent makes the mainstream products.
British_Rover 3:11PM (6/18/2009)
Volvo has two factories on in Belgium and one in Sweden. The large platform vehicles, XC90, XC60, V70, S60(which just finished its production run), S80 and XC70 are all built in Sweden.
The small platform vehicles, S40, V50, and C30 are made in Belgium. Volvo sales a lot more of the large platform vehicles then the small platform ones. The C30 is a very low volume model.
I think the C70 is also made in Sweden but it is such a low production model that it barely counts.
British_Rover 3:13PM (6/18/2009)
My bad the XC60 and S60 are also made in Belgium but like I said the S60 just finished its production run.
scott 3:56PM (6/18/2009)
As someone of Swedish descent, and a long time Volvo fan, I'm deeply saddened too. That would be a shame. Somehow I don't see Geely honoring Volvo's heritage. :(
hypermiler 2:13PM (6/18/2009)
Volvo will now go the way of Ssangyong, with its Chinese owner unable to fund new Volvo car development and is only interested in looting tech and moving production to China.
It is better for Volvo to be nationalized by Swedish government than be sold to the Chinese, which will abandon Volvo after looting what they need 4 years later.
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Bloke 3:00PM (6/18/2009)
Hypermiler - Geely is look to buy the company, not build Volvo's products. Volvo's product management and engineers wouldn't simply up and move to China.
In essence, Geely could learn a good deal from Volvo in a deal such as this.
Derek 2:14PM (6/18/2009)
I've never even owned a Volvo, but for some reason have a special place in my heart for the brand. That said, I really hope this sales rumor isn't true.
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chris 2:29PM (6/18/2009)
We have owned several volvo's including a 240, 740 and a V70R. We bought them for thier reputation of quality and safety. There is nothing coming from China with either one of those qualities! Say goodbye to Volvo as we know it.
John P. 2:31PM (6/18/2009)
Long time Volvo admirer, Driven a few, but never owned one. I hope Ford gets enough in the deal.
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