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At press conference in Gothenburg, Sweden today, Ford executive vice president Lewis Booth and Geely chairman Li Shufu announced that the companies have reached a final deal to sell Volvo to the Chinese automaker. The final purchase price is $1.8 billion, which includes some of Volvo's intellectual property and its other physical assets.

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Ford has been attempting to sell Volvo since 2008, and Zhejiang Geely Holding Group has been the lead bidder for almost as long. But for a multitude of reasons the deal just keeps getting drawn out. A recent report from Automotive News shows that the folks in China may be getting a little impatient with the long and likely arduous process. AN quotes a Wall Street Journal report claiming Geely Chairman Li Shufu says the Volvo deal has hit a snag, but the chairman reportedly was click to point out

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

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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.

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Ford bought Volvo for $6.4 billion back in 1999. Now, a decade later, unconfirmed reports say the automaker is asking nearly the same amount -- $6 billion -- for the Swedish brand.

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