Geely given green light to buy Volvo
Ford have finally given Geely the green light to buy Volvo, basically telling us everything we knew months ago:
Reuters:
U.S. Ford Motor said in a statement on Wednesday it had agreed all substantial commercial terms in a deal to sell its Volvo Car Corporation unit to China’s Zhejiang Geely Holding Group, parent of Geely Auto.
“While some work still remains to be completed before signing … Ford and Geely anticipate that a definitive sale agreement will be signed in the first quarter of 2010,” Ford said, adding the deal was seen closed in the second quarter.
The estimated $1.8 billion deal would be the largest overseas acquisition by a Chinese automaker. It follows the recent purchase by Beijing Automotive Industry Holding Co of assets from General Motors’ Swedish unit Saab.
Chinese carmakers are taking advantage of a crisis-sparked shake-up of the auto industry, tapping into Western brands while taking advantage of a fast-growing home market, which is seen passing the United States this year.
However, there is still a significant technology gap between domestic Chinese automakers and their global rivals, which has left the Chinese looking for acquisitions of overseas technology and designs as the global auto industry restructures.
Hopefully Volvo engineers can help Geely out.
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Seems that 2010 will be the fantastic year for the Automotive Chinese Industry!!!
While most of the brands are finally becoming sucessfull in their trial to enter our market (Brazil) which is one of the most difficult to be entered, due to consumer and dealer’s regulation, Geely became the new owner from Volvo, Changan undertake AVIC and soon Chery will be taking JAC to form DANAN Motors.
JAC have find their representative in Brazil (Mr. Habbib) who promissed to inovate in the distribution inside Brazil, and he will.
Next year will be the year when Chinese Brands will cross the world and will become known!!!
Happy Year to All!!!!
bah, sad news for volvo owners. I never wanted one anyway, but now am sure I’ll never own one. Feel free to call me chauvinistic, coz that’s what I am, and proud of it! Ha!
The only one who needs to be afraid of the deal is the one who is not with Volvo or Geely.
I wish I had the cash to buy a Volvo S60…
Go Geely go!!
Those are some pretty big SAFETY boots to fill, Geely. Are you up to the task? Are you really ready?
Kind of like Santa’s boots.
By the way CCT why play the Scrooge
? Why not give us a little bit of jolly holly and Christmas color here at your homepage? But then of course we’ll expect the same at the Spring Festival…..
Anyway Happy New Year!
They haven’t released any time line of any production being moved to China yet have they? I think until they actually start moving it nothing should really change. If they keep all the engineers or most of them they should have a similar product. The only problem would be if Geeley ditches all the current workers in favor of doing all their own design and engineering and expect sales off just the name Volvo. Could work for China but not anywhere else.
Geeley must know this and have a plan to keep the brand as close as they can to what it is now.
It’s Geely, I can’t believe you don’t even know the company’s name.
lmao. Told you he’s mentally challenged.
I just drove one of their cars for three hours yesterday. It was not a car built for someone with size 46 feet. My feet got stuck under the dash shifting so many times. I have never experienced cars really not designed so just about anyone can drive them. Still thinking very Chinese market only. My friend had removed all the outer badging on the car. Said he wanted less people to notice it was a GEELY. He said he wanted to put Toyota bading on it and I asked him to skip it. No one would believe it so what is the poit. There you go traven again. Name calling to so your IQ size. Good job. I am going to wish you guys a Merry Christmas anyway. I am in a good mood.
Merry Christmas everyone. You too Ed, Traven, Q
hugeass feet
It isn’t like Geely is a huge company. I hardly even see any of their cars where I am. All imports along with a ton of BYD F3 and byd F0 over here.
great, blah blah blah, you are always talking about your friends, if Chinese cars are so horrible, then why do they all drive Chinese cars?? Besides, I have size 46.5 feet, and my feet never got stuck in a Chinese car, not even the Geely Panda.
Or maybe it’s because you don’t know anything about the company, being so consumed in your dream world.
Traven try a Geely Mei Ren Bao and tell me you feet fit under there without catching.
I only have two friends with Chinese cars. The other I just kind of know. Everyone else are drving import cars. I know I have mentioned my business partners Buick Lacrosse. Last generation and it is a POS. I know it is kind of between a mid-class and luxury car but the seats are pretty cheaply made and shaped and no head room. No support or shape to them. Not getting into it on that one here. Other friends drive a Land Rover, Suzuki Swift, Toyota Corolla, Mini Cooper, Honda Fit, Toyota Van, Honda Van, Ford Fiesta. So if you count them up 2 Chinese cars only.
There is one car I haven’t seen anything on here about and that is the Volkswagon CC. That car is so hard to get in and out of in the front seats. I don’t understand the design. Worse than a Lotus Elise to get in to.
ok… thanks for your rant. Now I know a lot more of what you’re talking about… not. I’ve driven American cars, and I had trouble getting in and not being squished to death. It’s even worse.
Which American cars are worse that you can’t get in? Not saying there aren’t any just curious if you can name one. I am sorry if you can’t understand English.
I’m sorry if YOU can’t understand your mother tongue, OR Chinese. I’m sorry if you’re mentally challenged, and yes, I can name an American car that I had trouble getting into, the Aveo. Writing a bunch of uneccessary BS doesn’t mean you understand English.
Head Honcho, I think you are the one that can’t understand English. Feel sorry for yourself, for that our English is much better than your pathetic Chinese.
The Aveo isn’t an American car though. It is a POS rebranded car. I never said there wasn’t anything I could understand in English. See you still did not understand. This like talking to a wall. Being able to call names doesn’t mean you understand English. I am not sure what kind of school you went to that teaches you to call names first and speak coherently second.
What a retard. Well, guess what, the Geely Mei Ren Bao is a re-branded car too! Don’t put your BS here. By the way, my school didn’t teach me English, and I’m not obligated to know English, however, I do know that teaching retards to talk less of BS is good.
“This like talking to a wall”?? LMAO
Head Honcho, I don’t know what kind of school you went to, but second grade CHINESE kids wouldn’t make this kind of mistake. Learn your own language first before you accuse others of not being able to understand English.
Where? Point it out or be quiet. You guys pulled this crap last time and never backed it up. Then you just try turning my words because you aren’t creative enough to make up your own.
So what is the Mei Ren Bao rebranded from? I can admit when I am wrong. I have no problem wtih that. Something you still need to learn to do. But I would never go make stupid statements like China is getting better and better while the US is falling apart. Why even compare the two countries. You can’t. There is so little to compare between the two. Then you have people on here that have never lived there or just visted once trying to compare them. Give me a break.
You guys are so blind it is amazing. You don’t even have business experience in your own country. What kind of companies do you work for?
haha, keep on sticking your head in your dream hole. Denying the truth every single time won’t help.
and how the f*ck do you know I don’t have business experience in my own country?? Shut up and stop assuming.
It’s called BEING SARCASTIC. Seriously, go learn some basic English. Where is your evidence for your BS?! Cuz I can say the Mei Ren Bao is a re-branded car too, everyone can make up BS.
That is right. You are making it up Travern. I invited you over. I can prove everything I have said.
Ed. I am just guessing because you have made so many comments that would lead anyone to believe that your job is not anything related to running a business or dealing with much to do with a business. Maybe ask your manager.
Actually, it’s your own stupidity and denial plus your 2 year old imaginaton that led to your senseless conclusion. Seriously, don’t talk if you don’t know anything. I’m not here making up details about you, so don’t make up stuff about me. How do you know I have a manager?! Who told you I’m not the CEO of my own company?! DON’T ASSUME.
a.) my name is traven, retard.
b.)How many times do I have to tell you? Mentally challeged, or just plain retarded?? Do I have to teach you how to read English? Read what I wrote over again.
c.)some valid proof that the latest generation of the Aveo is a rebranded POS would be great, instead of just BS.
Just shut up, Head Honcho, for your own sake.
More great news.
w00t
don’t u guys have anything better to do? Right now the only reason am writing is coz am using my iPhone on the loo. A fitting comment for a rubbish conversation.
I have heard many stories of people dropping their iphones in the toilet. Be careful.
I too have heard stories. Not just of iPhones, but other cell phones and PDAs being accidentally “washed”.
By the way, I’ve wanted to comment about how great this site looks on the iPhone. And now I’ve finally found a way.
Is it actually working then, the iPhone stuff? I set it up but never bothered to test it as Im not an iJesus fan.
yeah man, works like a breeze. In fact I mostly look at ur site when I wanna kill time, like now, again, on the loo at morel’s.
Yes, the iPhone interface is slick. The only problem is that it doesn’t seem like you can reply to a specific comment (no nesting). But there’s the option of switching to the “full” interface.
oh la la… Pleeeaase… U 3 guys are like a broken record, jumping to the same line over and over again… Aren’t u tired of saying the same shit over and over again? “don’t assume” “u don’t know anything” “mentally bla bla” for fuck’s sake, find smth else to do!
PS: CEO my ass. U wouldn’t be writing this 12yo shit if u were! LOL.
The use of multiple monikers to back ones story up is rather sad too, so lets stop that, eh?
OK, I love a good spirited conversation……..let’s see if I can fill in a few FACTS for everyone’s benefit. I am NOT taking sides with anyone, I just wish to offer a few factual details that some people have requested.
1) The Aveo is a rebadged Daewoo Kalos. Proof of that can be found simply by doing a google search for ‘Chevrolet Aveo’ and then reading the wikipedia article about the Daewoo Kalos.
2) Geely’s apparent lack of popularity in Guangzhou/Guangdong (and BYD’s overt popularity) is a regional and economic issue, nothing more. Guangdong is the richest province in China, and people simply can afford more expensive cars there. Honda is extremely popular in Guangdong – greatly aided by the fact that they are manufactured there. BYD is popular in Guangdong because it is a Shenzhen based company. In Nanning and Guangxi (where I live), Geely is popular – especially the Panda. BYD is so-so in popularity, but the F0 is all over the place. Want to know one of the most popular cars in Nanning? The Chevrolet Spark – it’s built at the Wuling factory in Liuzhou (2 hours from Nanning). In the more central regions of China, Geely is VERY popular there (economics at play there – less prosperous provinces and less spending power by the consumer) along with Xiali. In the northeast regions (Liaoning/Jilin), it’s all about VW/Audi and Brilliance/BMW (no wonder there as the factories for these cars are in Changchun and Shenyang). My proof here? Nothing more than personal experience – but I have been to all the regions I’ve mentioned here and have witnessed these trends with my own eyes. Geely and BYD both sell plenty of cars in China…..it’s just that they’re more popular in some regions than others.
As far as Geely buying Volvo……..a HUGE boost for Geely. One important thing to remember here……..Geely did not just buy a car company – they now also own a existing and viable dealer network in America, Europe and Japan…….the FIRST chinese car company to have that capability. It will be interesting to see when or if they decide to make use of that network – will this finally be the way that chinese cars make it to America/Europe/Japan? I doubt if the name ‘Geely’ will actually show up in the Volvo showrooms…..but in a few years I COULD see ‘Emgrand’ products there.
As far as volvo is concerned I seriously doubt their potential customers in the west will ignore yhatits a Chinese owned company. Out of chauvinism, I expect volvo sales to slowly dry to a number of core fans… Ultimately I would see the advantage for geely in being able to absorb that higher tech, maybe 1st for the Chinese market, and over the long term ultimately replacing the volvo brand with smth else altogether. There is not much sympathy for Chinese cars in the west, either direct or indirect, so volvo is doomed to die. My 2 cents.
I don’t think many people would care that it’s Chinese owned, since it’s still the same, and without Geely taking over, it would’ve died anyway.