According to auto.sohu.com, Ford and Geely autos have already struck an agreement to sell Volvo to the privately owned Chinese automaker. Auto.sohu.com says that Vovlo will be relocating a production line to Dongguan city in Guangdong where the first Volvo under Geely stewardship will be made, the first model to be made by a Geely owned Vovl will be the Volvo XC90 SUV.
Details are still sketchy, but it appears that an agreement has to be reached about the details of the purchase, which will also include a technology transfer to Geely. Geely also needs to make clear its intentions for the Volvo brand once they take ownership.
Geely have apparently received the support of the Dongying local goverment to bring Volvo production to the area, furthermore Geely have already applied to the local government for land, and a loan to build a new production facility in the area.
On top of the buying price, Geely are expected to invest a further 10 billion USD into Volvo, to build its brand and to further the brand within China and outside. Out of the Chinese car manufacturers, BAW, Chery, Chang’an, and Geely all had interest in buying Volvo, but it seems that Geely have come out on top this time.