Geely gets the keys to Volvo on August 2nd

---

According to Western and Chinese media reports, Geely will finally pick up the keys to their Volvo purchase on August 2nd 2010 which is less than a week away.

Geely bought Volvo from Ford for 1.8 billion RMB earlier this year, but it seemed that Geely were planning to buy Volvo as early as April 2009 and were likely to be in talks with Ford at a much earlier period.

The European commission has already given Geely the go ahead to take over Volvo after Geely proved that it wouldn’t be in a monopoly position over the European car industry, furthermore it appears that the Chinese regulatory commission have also given Geely the all important nod to take over Volvo from Ford.

Geely have high hopes for the Volvo brand, and are hoping that strong demand for the brand in China will bring back their investment into Volvo. Rumors of a factory in Da Qing in North East China have been circulating recently after it emerged that Da Qing City Government invested some of their oil profits into Li Shu Fu’s Sweedish gamble, but it is likely that Geely are still forging ahead with their plans for a Volvo factory in Beijing, in the meantime Geely are expected to use the facilities at Zhongyu Special Vehicles Maker (whom they also own) to produce some Volvo models until the Volvo Beijing factory is running.