Autoblog

REPORT: U.S consortium now in lead for Volvo purchase

Jeremy Korzeniewski — Thu, 03 Dec 2009 15:40:00 EST

Filed under: China, Ford, Volvo, Earnings/Financials, Rumormill

Just about a month ago, news hit the interwebs that Chinese automaker Geely officially became Ford's preferred bidder for Volvo once concerns over intellectual property were sorted out. Today, though, we're hearing that Crown, a consortium led by former Ford director Michael Dingman, former Ford and Chrysler LLC executive Shamel Rushwin and ex-Volvo CEO Roger Holtback, is gaining momentum in its bid for the Swedish automaker after submitting a revised proposal.

If reports from The Wall Street Journal and Reuters are accurate, Crown's new bid is "on par" with Geely's $1.8 billion offer and is backed by both Swedish and Chinese investors and banks. Not surprisingly, Ford has yet to comment on the speculation, though it has said that talks with Geely are already at an advanced stage. Stay tuned.

[Sources: The Wall Street Journal; Reuters]

REPORT: U.S consortium now in lead for Volvo purchase originally appeared on Autoblog on Thu, 03 Dec 2009 15:40:00 EST. Please see our terms for use of feeds.

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Geely looking for 1M units from Volvo, plans Chinese factory

Jonathon Ramsey — Sun, 15 Nov 2009 16:59:00 EST

Filed under: China, Ford, Volvo, Geely

Should Geely succeed in its bid to purchase Volvo, the Chinese automaker does not plan to spend any time playing in its new Swedish sandbox. Ford moved about 380,000 Volvos around the world last year; Geely wants to sell 2.5 times that amount within five years. How so? By injecting "two or three bigger, more luxurious cars" into the lineup and working its home market of China, which Geely feels could be unlocked for 200,000 vehicles alone. Those units could be supplied by a Chinese factory capable of making 300,000 cars per year and would presumably be larger than the upcoming redesigned S60 (above).

Ford has designated Geely its preferred bidder for Volvo. However, in an echo of the tensions between General Motors and Magna's Russian bidding partner Sberbank, Geely will need to address Ford's intellectual property concerns among other issues to complete a sale. Volvo's technologies and reputation for safety are probably worth as much as the company's physical assets, so it's not surprising that Ford wants to negotiate the technology transfer. Assuming they can come to terms, closing the deal is expected to cost Geely $2 billion.

Gallery: 2010 Volvo S60

[Source: Automotive News, sub. req'd]

Geely looking for 1M units from Volvo, plans Chinese factory originally appeared on Autoblog on Sun, 15 Nov 2009 16:59:00 EST. Please see our terms for use of feeds.

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Ford officially confirms China's Geely as preferred bidder for Volvo

Sam Abuelsamid — Wed, 28 Oct 2009 12:58:00 EST

Filed under: China, Ford, Volvo, Geely

Volvo S60 concept - click above for high-res image gallery

It's been rumored for months Chinese automaker Geely had the best shot at picking up the Volvo brand from Ford, and today, Dearborn has finally confirmed it. Geely was named as the preferred bidder this morning and the Blue Oval is proceeding with negotiations. However, this is not going to be an easy deal to close. Ford doesn't want to keep any stake in the Swedish company, although it does hope to continue some product cooperation.

In spite of the lack of shareholding, Ford doesn't want Volvo to wither on the vine and wants whoever buys it to have the resources to make it a going concern - unlike what happened when BMW dumped Rover. Perhaps the toughest nut to crack will be intellectual property concerns. Any time a sale like this happens, the seller is be concerned about leaving too much information lying around, and that concern is understandably amplified when dealing with an up-and-coming Chinese company. There is no word on when a deal might be closed, so in the meantime, busy yourself with the official release after the jump.

Gallery: Detroit 2009: Volvo S60 Concept

[Source: Ford]

Continue reading Ford officially confirms China's Geely as preferred bidder for Volvo

Ford officially confirms China's Geely as preferred bidder for Volvo originally appeared on Autoblog on Wed, 28 Oct 2009 12:58:00 EST. Please see our terms for use of feeds.

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REPORT: Geely's plans to buy Volvo from Ford unravelling over intellectual property concerns?

Chris Shunk — Fri, 23 Oct 2009 16:00:00 EST

Filed under: Ford, Volvo, Earnings/Financials, Geely

Ford has been trying to offload the Volvo brand since December of 2008, but after years of rumors and speculation those 10 months feel more like a decade. China's Geely has been speculated as the number-one bidder for the Blue Oval's Swedish luxury brand, but a report by Bloomberg asserts that the long-awaited accord could be shelved due to concerns over Ford's intellectual property.

Because Volvo is so tightly integrated into Ford's product development, any buyer of the safety-minded car maker would have inside knowledge of the Blue Oval's future product plans and access to its latest and greatest technology. The buyer would also have direct access to Ford's vehicle architectures, since so many are shared between itself and Volvo. If Geely does in fact purchase Volvo, those platforms, which pass both European and U.S. crash test standards with flying colors, it could give China's largest automaker a better chance of entering the coveted U.S. market. And helping Chinese automakers enter the States probably isn't at the top of the list of things Ford wants to do right now.

U.S. and European automakers have had their hands full in attempting to curb China's lax intellectual property rules. Some vehicles built by Chinese automakers and sold in the land of the Great Wall are nothing more than carbon copies of vehicles from American., Japanese and European automakers... save for a new logo. Ford is also dealing with the case of Xiang Dong Yu, an ex Ford engineer who stole 4,000 sensitive and confidential documents from the Dearborn, MI-based automaker. The sticky-fingered engineer reportedly pilfered the documents in an effort to get a job at Shanghai Automotive but he was instead hired by Bejing Automotive.

The other issue Ford could be facing is the bargain-basement price tag Volvo is rumored to be offered at due to years of recessing sales volume and mounting losses. Ford purchased Volvo in 1999 for over $6 billion, but sources familiar with the brand's sale estimate that the Swedish automaker could now fetch as little as $2 billion. While that sum is nothing to sneeze at, Ford could be better off waiting until the automotive market heats back up gain. The new XC60 crossover has helped curb Volvo's sales woes here in the U.S. to the point that the Swedish Automaker realized a 16% sales climb versus last September. Next year's intro redesigned S60 coupled with several mid-cycle face lifts could continue to help Volvo's short-term prospects.

[Source: Bloomberg | Photo: Sven Nackstrand/AFP/Getty Images]

REPORT: Geely's plans to buy Volvo from Ford unravelling over intellectual property concerns? originally appeared on Autoblog on Fri, 23 Oct 2009 16:00:00 EST. Please see our terms for use of feeds.

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REPORT: American-led consortium to bid against Geely for Volvo

Sam Abuelsamid — Mon, 05 Oct 2009 09:58:00 EST

Filed under: Technology, Ford, Volvo, Geely

With General Motors and Ford both trying to divest themselves of underperforming operations that aren't core to their U.S.-based businesses, the automakers are finding things tougher than simply locating someone willing to write a check. As automakers have rationalized their operations, they have done a lot of platform and technology sharing among the brands under their umbrellas, making extracting individual marques a difficult business. Because automakers around the world are struggling, finding buyers is even more problematic, and the world's most willing bidders seem to be in places like China and Russia - locales where respect for intellectual property rights is dubious.

The Beijing Automotive Industry Holding Co. bid for Opel was killed because of such concerns. Magna's bid has faced similar worries because much of the financing is coming from Russia.

The lead bidder for Ford's Volvo unit is currently Chinese automaker Geely, but Ford is apparently having second thoughts because it doesn't want to share too much of its technology with the potential buyer. A second potential purchaser has entered the picture, a U.S.-based group with backing from several private equity funds. The Crown consortium has reportedly offered less up-front money than Geely but made similar investment commitments to the Swedish brand. If things don't work out with Geely, Ford could turn to the American group, but no one is talking publicly right now.

[Source: Financial Times]

REPORT: American-led consortium to bid against Geely for Volvo originally appeared on Autoblog on Mon, 05 Oct 2009 09:58:00 EST. Please see our terms for use of feeds.

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Americans warming to idea of Chinese, Indian autos?

Jonny Lieberman — Thu, 30 Jul 2009 08:58:00 EST

Filed under: Car Buying, China, Etc., India, South Korea

Geely GE - Click above for high-res image gallery

We've known for a while now that Mexicans are getting some Chinese cars with their ten gallon jars of pickles, but what about Americans? Would we go for vehicles from another country from across the Pacific? There's a wonderful moment at the end of Tucker: A Man and his Dreams where Jeff Bridge's Preston Tucker character pleads with the jury at his corruption trial that if American industry doesn't change change course, we'll soon be buying our cameras from the Japanese.

According to a new study, 15% of American new car shoppers are ready to buy cars from China, while 11% are ready to buy their wheels from India. Ready for the kicker? Just 16% said they would consider a car from Korea. Ouch. Said George Peterson, head of the study, "As Hyundai and Kia have been on the American scene for decades now, it's surprising that consideration for Chinese and Indian brands, sight unseen, would be about as strong as it is for the Korean brands." Surprising, sure. And if you live near Seoul, depressing. Full press release after the jump.

Gallery: Geely GE

[Source: Auto Pacific]

Continue reading Americans warming to idea of Chinese, Indian autos?

Americans warming to idea of Chinese, Indian autos? originally appeared on Autoblog on Thu, 30 Jul 2009 08:58:00 EST. Please see our terms for use of feeds.

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REPORT: Geely agrees to buy Volvo? Ford silent

John Neff — Thu, 18 Jun 2009 13:58:00 EST

Filed under: China, Ford, Volvo

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]

REPORT: Geely agrees to buy Volvo? Ford silent originally appeared on Autoblog on Thu, 18 Jun 2009 13:58:00 EST. Please see our terms for use of feeds.

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GhettEnzo: Enterprising Chinese creates Ferrari-aping replica out of Geely coupe

Dan Roth — Mon, 15 Jun 2009 14:28:00 EST

Filed under: Aftermarket, China, Etc., Supercars, Ferrari

GhettEnzo - click above for gallery

Well, the rendering looked great. The end result, not so much. Customizers in China are so hardcore, they always earn an "A" for effort. This time, though, all that work out in the elements with zero protective gear in sight has resulted in a Geely coupe that might cause one to choke back vomit. It's not like the Geely Beauty Leopard is attractive to begin with, looking like a Saturn Coupe with Supra headlamps grafted on.

What emerged with scissor doors and a beaky face is a Ferrari Enzo clone. Sort of. Let's just say that the reproportioning effort to afford the Geely's wheelbase some Maranello visuals has not gone altogether well. It's rendered us speechless, so hit the gallery and draw your own conclusions.

Gallery: GhettEnzo

[Source: Carscoop, Photos: gaibar.com]

GhettEnzo: Enterprising Chinese creates Ferrari-aping replica out of Geely coupe originally appeared on Autoblog on Mon, 15 Jun 2009 14:28:00 EST. Please see our terms for use of feeds.

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Geely denies interest in Volvo and Saab, but you can still bet on who will buy the 'Born From Jets' brand

Chris Paukert — Fri, 15 May 2009 18:00:00 EST

Filed under: China, Saab, Volvo, Earnings/Financials, Rumormill

According to the Chinese auto newshounds over at Gasgoo, Geely has denied it has any interest in buying Volvo or Saab. The Swedish patients, being shopped by Ford Motor Company and General Motors, respectively, are still up for sale, however.

As the story goes, Geely chairman Li Shufu has been cited as remarking that too much money is being asked for the two marques. According to a press release detailed by Gasgoo, the automaker has stated that it "has not submitted, and has no plans to submit, any bids concerning the takeovers of 'Volvo' or 'Saab' as stated in recent press articles."

In related news, someone might want to tell the bookies at a certain UK gambling website, Ladbrokes, that they may want to adjust their odds. According to Autocar, the sports betting site that allows customers to wager on everything from darts to Italian volleyball even has a pool going for who will win the right to purchase Saab. Thanks to everyone for the tips.

[Sources: Gasgoo; Autocar | Image: Joe Raedle/Getty]

Geely denies interest in Volvo and Saab, but you can still bet on who will buy the 'Born From Jets' brand originally appeared on Autoblog on Fri, 15 May 2009 18:00:00 EST. Please see our terms for use of feeds.

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China's Hautai reportedly readying Bentley Continental knockoff

Michael Harley — Tue, 12 May 2009 15:20:00 EST

Filed under: Concept Cars, Sedan, China, Rumormill

Huatai Concept - Click above for a gallery

Hot on the heels of Geely's "this is not a Rolls-Royce Phantom" GE, Chinese automaker Hautai is apparently busy working on its own new luxury vehicle, one that would appear to borrow liberally from the Bentley Boys. Huatai Automobile Group, based in Beijing, specializes in SUVs, so this model would represent something of a marked departure for them. HAG reportedly has the capacity to build 200,000 vehicles annually, and they have R&D centers in China, South Korea, and Germany. Last month, the private automaker reported sales up nearly 150 percent from last year.

Still unnamed (allow us to suggest: "This is not a Bentley Continental"), the four-door detailed in these images offers more than a striking resemblance to Bentley's admittedly comely Flying Spur. At the moment, details about the new sedan are about as shallow as the depth of the designers who have penned it, but we'll have more details for you as they become available.

Gallery: Huatai "Continental GT"

Source: ChinaCarTimes | Images: Che168]

China's Hautai reportedly readying Bentley Continental knockoff originally appeared on Autoblog on Tue, 12 May 2009 15:20:00 EST. Please see our terms for use of feeds.

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REPORT: Renault after Saturn, Geely after Saab

Damon Lavrinc — Wed, 06 May 2009 13:26:00 EST

Filed under: Government/Legal, Plants/Manufacturing, Saab, Saturn, Renault

According to a report from the Wall Street Journal, General Motors is working on a deal with Renault to hand over Saturn, providing the French automaker with a "launching pad" to expand into North America. The WSJ's sources say that the deal with GM would allow Renault and its South Korean subsidiary, Samsung Motors, to sell its wares in the States though the existing retailers, possibly marketing the new vehicles as Saturns and building some of the vehicles using the General's underutilized plants. How the deal would flesh out financially remains to be seen, but there's a chance that Renault would acquire Saturn for no cash down - not surprising considering GM said it essentially plans to cancel the brand - but the French automaker would need to take on Saturn's liabilities and production costs. We're not entirely sure how acquiring a brand that could compete with Renault-owned Nissan in the U.S. would be in the best interests of the company overall, not to mention Saturn's track-record of marketing "European" vehicles in North America.

On the Geely front, the Chinese automaker is one of "three to four" serious bidders for Saab (as opposed to the ten reported yesterday), and comes a few weeks after Geely's bid for Volvo. Geely execs traveled to Trollhatten in the last few weeks, joined by nine other suitors, and the WSJ hypothesizes that Geely could be pushing for a deal with Saab as a way to put pressure on FoMoCo to get serious about the Chinese automaker's bid for Volvo. Regardless of Geely's apparent love of Sweden, expect a deal to be inked on Saab's future owners early this summer. Top tip throwback.

[Source: WSJ]

REPORT: Renault after Saturn, Geely after Saab originally appeared on Autoblog on Wed, 06 May 2009 13:26:00 EST. Please see our terms for use of feeds.

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That's Rich: Geely reportedly denies copying Rolls-Royce

Michael Harley — Fri, 24 Apr 2009 17:57:00 EST

Filed under: China, Government/Legal, Rolls-Royce, UK, Shanghai Motor Show

Geely GE - Click above for high-res image gallery

With gloved white fingers pointing in their direction, Geely Automobile is in full denial of British accusations. The independent Chinese automaker, which rolled out its luxurious GE model bearing more than slight resemblance to the Rolls-Royce Phantom at the Shanghai Motor Show, seems rather unconcerned. "As it were, they are actually different ... people may feel they are the same at the first glance, but the details are certainly different," Geely spokeswoman Zhang Xiaoshu told AFP.

Keep telling that to the good blokes at Rolls-Royce who are considering legal action against Geely. To most observers in the industry, the production-bound Chinese GE concept clearly borrows the Rolls signature grill, down-sloping rear deck, and the Flying Lady mascot. Unlike the Phantom, the Chinese variant is set to hit the market at a sliver of the cost of the exclusive Rolls. While imitation is often considered the most sincere form of flattery, the British evidently aren't cracking so much as a smile.

Gallery: Geely GE

[Source: Drive]

That's Rich: Geely reportedly denies copying Rolls-Royce originally appeared on Autoblog on Fri, 24 Apr 2009 17:57:00 EST. Please see our terms for use of feeds.

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Shanghai 2009: Geely GE goes for baroque. Again.

Chris Paukert — Tue, 21 Apr 2009 14:27:00 EST

Filed under: Concept Cars, Sedan, China, Rolls-Royce, Specialty, Shanghai Motor Show

Geely Excellence Limousine - Click above for a high-res image gallery

Asian consumers loves them some baroque styling. How else to explain the popularity of gaudy, over-the-top couture in the continent's major city centers? Indeed, how else to explain the existence of cars like the Mitsuoka Galue S50 and Galue 204? Proving that the love affair is still very much still alive is this, the Geely Excellence (GE) Limousine.

Despite the obvious aping of traditional Rolls-Royce styling cues (square-rigged waterfall grille, Spirit of ~~Imitation~~ Ecstasy hood ornament, wool carpets, etc.) there is some innovation here, in the form of the rear seat "throne," a kingly perch that forms the literal centerpoint of the car's unorthodox 1+2 seating arrangement.

In any case, the 17.5-foot Goliath is widely expected to be the first offering from Geely's new sub-brand, YingLun, or ENGLON (a melding of "England" and "London), but for the moment, the Chinese automaker is stopping short of confirming production.

Gallery: Geely GE Limo

Gallery: Geely GE

Photos copyright (C) 2009 IceBin / Weblogs, Inc

[Source: Autoblog China]

Shanghai 2009: Geely GE goes for baroque. Again. originally appeared on Autoblog on Tue, 21 Apr 2009 14:27:00 EST. Please see our terms for use of feeds.

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Shanghai 2009: Geely IG Fantastic Concept makes us go "Awwww...."

Jonathon Ramsey — Mon, 20 Apr 2009 19:58:00 EST

Filed under: Concept Cars, Budget, China, Hatchback, Shanghai Motor Show

Geely IG Fantastic Concept - Click above for a high-res image gallery

If a local Chinese automaker wants to challenge the Smart, then they should do it with something like this, the Geely IG Fantastic (and not this, the Shuanghuan Bubble). It's kooky, and the headlights almost meet the taillights, but most importantly it's original. It also looks to be a three-seater with the driver sitting front and center, flanked by two seats behind. And there's only one door, on the passenger's side. Nifty, and we give it three cheers for Geely. Check it out in the gallery of photos below.

Gallery: Shanghai 2009: Geely IG Fantastic Concept

[Source: China Car Times]

Shanghai 2009: Geely IG Fantastic Concept makes us go "Awwww...." originally appeared on Autoblog on Mon, 20 Apr 2009 19:58:00 EST. Please see our terms for use of feeds.

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Shanghai 2009: Geely GT returns as Tiger, complete with interior and working doors!

John Neff — Mon, 20 Apr 2009 12:20:00 EST

Filed under: Concept Cars, Coupe, China, Shanghai Motor Show

Geely GT "Tiger" Concept - Click above for high-res image gallery

The Geely GT Concept stole the show at last year's Beijing Auto Show, mostly because it stood out as one of the few Chinese designs that wasn't a Xerox copy of something sold elsewhere in the world. Geely designers walked out on a limb with their pens and created a truly unique shape with interesting details, and regardless what you think of the result, at the very least it drew praise for being an original Chinese design.

As we reported earlier, Geely has brought the GT Concept back for this year's Shanghai Auto Show, this time with a complete working interior and butterfly doors (the original was just a shell). This suggests that the car is slowly marching towards production as the Chinese automaker works out engineering issues and again judges the reaction it receives at this year's show. Should the GT reach Chinese showrooms, it will likely be called the Tiger (its current name actually stands for "Geely Tiger"). The question now is whether or not Geely will give its unique coupe some claws.

Gallery: 2009 Shanghai Auto Show: Geely GT "Tiger" Concpet

Gallery: Beijing 2009: Geely GT Concept

[Source: Autoblog Chinese]

Shanghai 2009: Geely GT returns as Tiger, complete with interior and working doors! originally appeared on Autoblog on Mon, 20 Apr 2009 12:20:00 EST. Please see our terms for use of feeds.

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Shanghai Preview: Geely Tiger GT concept back with full interior and butterfly doors!

Jonathon Ramsey — Tue, 31 Mar 2009 15:20:00 EST

Filed under: Concept Cars, Coupe, Performance, China, Misc. Auto Shows

Geely GT concept - Click above for a gallery

Last year, among 20 other Geely concepts, it was the Geely GT that stole the Beijing Auto Show. An original Chinese-designed coupe, it was over-the-top everywhere, but in a way that some felt came together very nicely. This year, it could be the Geely GT that steals the Shanghai Auto Salon - even over this car.

The next evolution of the GT ("Geely Tiger," which, yes, means it's the "Geely Geely Tiger") has butterfly doors, and "90% of the engineering problems" have been solved. Judging by the way Geely is talking and the way the car looks inside-and-out, the Chinese automaker is probably looking at a production run of this beastie, provided it gets enough positive feedback.

Gallery: Beijing 2009: Geely GT Concept

Gallery: Geely Tiger GT Concept

[Source: Carscoop]

Shanghai Preview: Geely Tiger GT concept back with full interior and butterfly doors! originally appeared on Autoblog on Tue, 31 Mar 2009 15:20:00 EST. Please see our terms for use of feeds.

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The Geely GE is how you say "Um... really?"

Jonathon Ramsey — Mon, 30 Mar 2009 15:56:00 EST

Filed under: Sedan, China

Geely GE - Click above for high-res image gallery

Just like some folks in the U.S. buy the Chrysler 300C for its supposed resemblance to more expensive machinery, Geely has designed a faux Phantom for the Chinese market. The 17.5-foot long executive mover comes loaded for bear, with isolation glass and wool carpet just like a real Rolls-Royce.

If you're interested, you better like traveling alone - the rear compartment has one center-mounted seat tucked between a contoured bulkhead, like a throne. It even has what appears to be a starlight headliner, but only above the emperor's chair. According to the Chinese site, when compared to the Phantom, the Geely GE "gives the very same feeling of luxury." It might even come with a scepter. Check out the gallery of photos below, and then let us know how to say "Wow..." in Chinese.

Gallery: Geely GE

[Source: Autohome (translated) via Autoblog.nl (translated)]

The Geely GE is how you say "Um... really?" originally appeared on Autoblog on Mon, 30 Mar 2009 15:56:00 EST. Please see our terms for use of feeds.

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Saab head says five possible buyers identified

Michael Harley — Wed, 04 Mar 2009 18:22:00 EST

Filed under: Government/Legal, GM, Saab, Earnings/Financials

Two months. That's how long the world will have to wait for Saab to identify its new owner, according to Managing Director Jan-Ake Jonsson. Although he didn't specifically mention candidates, Jonsson told Automotive News Europe that, "There are about five we want to talk to. There are a couple more we are also looking into." Possible suitors include China's Geely Automotive and Dongfeng Motor Company, although there has been no official word from either. Private equity firms and representatives of retired Swedish workers have also expressed interest. Sweden's government, with an obvious stake in the company's future, has reportedly considered loan guarantees to the right successor.

General Motors said it will end ownership of the brand on January 1, 2010. GM bought 50% of the company in 1990 for about $700 million, and paid another $125 million for the balance in 2000. With sales down 35% in 2008 (and a loss of $340 million during the period), Saab's market price is expected to be a basement bargain.

[Source: Automotive News, subs. req'd | Photo by FABRICE COFFRINI/AFP/Getty]

Saab head says five possible buyers identified originally appeared on Autoblog on Wed, 04 Mar 2009 18:22:00 EST. Please see our terms for use of feeds.

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REPORT: Geely denies plans to buy Volvo

Jeremy Korzeniewski — Thu, 05 Feb 2009 13:26:00 EST

Filed under: China, Volvo, Earnings/Financials

Of the many suitors who have reportedly had at least a passing interest in acquiring the Volvo brand from Ford Motor Company, the Volvo Group, BMW and Daimler have all publicly decided to pass on the opportunity. Many believe that a Chinese automaker will step up to the plate and purchase the Swedish brand known for safety, but now Geely has withdrawn its name from the proceedings with the statement, "We don't have plans to buy Volvo as some media have reported." Well, fine then.

With Geely dropping out, SAIC remains a possible Chinese suitor along with Changan Automobile Group, Dongfeng Motor Group and Chery Automobile, all of which have said that they are monitoring the situation, whatever that means. Renault has recently emerged as a possible bidder as well. Ford is rumored to be looking to get about $6 billion for Volvo, which is just about what the Blue Oval paid for it in 1999.

[Source: Automotive News - sub. req'd]

REPORT: Geely denies plans to buy Volvo originally appeared on Autoblog on Thu, 05 Feb 2009 13:26:00 EST. Please see our terms for use of feeds.

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Geely reportedly interested in Volvo Cars

Jeremy Korzeniewski — Thu, 18 Dec 2008 09:01:00 EST

Filed under: China, Volvo, Earnings/Financials

We already know that Ford has placed Volvo on the auction block and is actively shopping its Swedish brand to at least one Chinese automaker. New rumors indicate that there may be more players in China with more than a passing interest in taking the brand off the Blue Oval's hands. If SAIC doesn't bite at Ford's $6 billion asking price, Geely has emerged as a possible bidder and officials from the Chinese automaker have reportedly made the trip all the way to Volvo's headquarters in Gothenburg, Sweden, to discuss a possible sale with Ford.

So, what potential roadblocks stand in the way of a Chinese automaker snatching Volvo from the throes of bankruptcy? According to Autocar, one sticking point is that Ford does not want Volvo platforms being used by other automakers. A good deal of Ford products share their underpinnings with Volvo sedans and Ford is concerned that its intellectual property could end up in the wrong hands.

[Source: Autocar]

Geely reportedly interested in Volvo Cars originally appeared on Autoblog on Thu, 18 Dec 2008 09:01:00 EST. Please see our terms for use of feeds.

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