Geely, the Chinese company that also owns Volvo, now owns Manganese Bronze Holdings (MBH), makers of London's Black Cab. MBH went into administration late last year, and some had looked to Geely to rescue the company in which it had a 19.7-percent equity stake. Although it's taken three months to strike a deal, and more than half of the workforce was let go, Geely finally agreed to buy MBH for 11.4 million pounds ($17.9M US).
Following the acquisition of Volvo by China's Zhejiang Geely Holding Group in 2010, we definitely saw this news coming. The two companies have signed an agreement that will give Chinese automaker Geely access to key technologies developed by Volvo, and in turn, the deal could help the Swedish automaker lower its production costs.
The roots of London's Black Cab dig all the way back to the Austin FX3 of 1948, the current overall shape recognized by any modern visitor to London showing up in 1958 on the Austin FX4. Manganese Bronze Holdings Plc has been the company behind the Black Cab since 1984, but failing to invest in the product and increased competition have sent the icon into administration. Manganese has posted losses since 2008, sold a share of itself to Geely (yes, that Geely) in 2010, and had to post a 3.9 milli
Escalating tensions between Volvo CEO Stefan Jacoby and Volvo Vice Chairman Hans-Olov Olsson may be working against the Swedish brand's stated goals of regaining lost European market share, as well as remaining relevant as a luxury brand on the world stage.
Reuters reports that Stefan Jacoby, CEO of Volvo, has suffered a mild stroke. It happened last week, and although Jacoby says he has limited movement in the extremities on his right side, he says he's already begun improving.
Volvo recently unveiled yet another model year of the impossibly old XC90 – promised to be the final one before a complete redesign. But the overripe vintage of the first SUV to fall from Volvo's vine isn't stopping corporate parent Geely from absconding with the platform to launch a new high-end brand for China.
We've heard for years that Chinese automakers hoped one day to export their wares to the United States. Ironically, the global economic slowdown could be what gives the Chinese incentive to finally make it happen.
Volvo is poised to rapidly inflate its presence in China, and it believes the way forward is through an $11 billion spending plan. "We want to revive Volvo and give the brand its strength back," says Li Shufu, Chairman of Geely Automobile Holdings. Speaking with German magazine Wirtschafts Woche, Shufu disclosed that Geely will put up $11 billion for a new engine factory, increased research and development and technology upgrades. However, Volvo's Per-Ake Froberg tells Reuters that Volvo itself
Volvo has chosen former Volkswagen designer Thomas Ingenlath to replace Peter Horbury as the head of the Swedish brand's design department, the latter having moved up the ladder to oversee design work at Volvo's corporate parent, Geely. Ingenlath was with the VW Group for 20 years and did stints with Audi, Skoda and Volkswagen, leading work on concepts and production cars like the VW Nils Concept, the Bluesport Roadster and first-generation Skoda Fabia and Superb.
Volvo is reportedly interesting in getting out its checkbook in search of a production parts bargain over at Saab. No, the 9-5 likely won't be wearing a Volvo badge any time soon, but the tooling that helped build parts for the big sedan could one day be in a Volvo factory.
When you think of designer Peter Horbury, Volvo follows logically. Soon, we'll all have to expand our thinking to leap from mention of Mr. Horbury to Chinese automaker (and Volvo owner) Geely. The well-regarded designer has been linked with Volvo for decades, and now he's reportedly adding styling responsibilities for Geely to his to-do list. He'll pack his bags in Gothenburg, Sweden where he's been vice president of Volvo design, and touch down in China to offer his talents to the Geely Group a
The Saab story continues. Automotive News and Bloomberg report that all isn't well with the Swedish automaker's Chinese suitors. Saab still hasn't received the $93 million it needs to continue to operate while it undergoes restructuring. The cash was originally supposed to come from Zhejiang Youngman Lotus Automobile in as little as two weeks after a deal was inked, but the process is apparently taking longer than anyone originally envisioned. At this point, Saab doesn't know when the funds will
Volvo is mulling a U.S. factory to offset some of its exposure to fluctuations in the dollar. One thing the automaker definitely will be doing is expanding its presence in the U.S., and a manufacturing facility would certainly make that way easier.
Volvo has posted a solid first quarter, with earnings jumping to $103 million. That's nearly double the Q1, 2010 totals, in part due to continued strong demand for its XC60 crossover. The Geely-owned automaker expects the revenue to continue to flow throughout 2011, as the automaker is hoping to increase sales by 70,000 units on the year to 450,000 units.
Just days after Geely purchased Volvo from Ford, the Chinese automaker's chairman, Li Shufu, proclaimed that the Swedish automaker needed a 7 Series fighter. Shufu's idea makes a lot of sense, at least in the large car-loving China market, where Volvo leadership wants to push a lot more metal. But when Shufu stated that Volvo needed to go big, he admitted that he needed to sell the idea to the company's new board. According to Autocar there is at least one very important vote that doesn't like t
Geely Automotive Holdings, one of the four largest automakers in China, has announced that it will dissolve the Geely brand by 2012. The other brands under the Geely umbrella are Gleagle, Emgrand, Englon and now Volvo. The goal is to let the sub-brands emerge and strengthen sales while the Geely models fade away.