Zhejiang Geely Holding Group Co. may have to spend at least 10 billion kronor ($1.4 billion) to revive Volvo Cars after buying the Swedish brand from Ford Motor Co., Volvo union officials and board members said.
The figure would be "an absolute minimum" for financing car development, marketing, production and distribution in the next year, and the money needed could be double that amount, Glenn Magnusson, head of the managers' union at Gothenburg, Sweden-based Volvo, said in an interview.
"We still want them to show us that they have the financial strength," ...
Zhejiang Geely Holding Group, parent of Geely Auto, has secured financing to buy Ford Motor's Volvo unit for about $2.1 billion, Reuters reported today, citing a Swedish business daily.
Sources told Dagens Industri that Chinese financial institutions and regional government bodies had provided the money for Geely to complete its Volvo purchase.
The money was already "in the bank account" of Geely Group, which would also have offered guarantees to Ford about the financing of its business plan for Volvo, the sources said.
Geely said earlier this week that its plan to buy ...
Recently Zhejiang Geely Holding Group closed the deal to purchase Ford Motor's Volvo brand. The move however is considered as a threat to the current Audi A6's status as the Chinese state's official car.
Li Shufu, the head of Geely, looks forward to successfully acquiring Volvo for up to $2 billion.
47 years old Li has been known to follow the footsteps of Henry Ford due of his ambition to become a mass manufacturer of affordable cars. His recent plans include a factory in Beijing with the potential of producing the same ...
Current president of Volvo Cars, Stephen Odell, admitted he found Volvo's badges confusing when he first joined Volvo two years ago, and he want to resolve this.
'When I arrived at Volvo I struggled to understand the nomenclature,' he admitted. 'Yes, we will be changing it.'
Most likely, Volvo S40 and V50 will have their names changed. Moreover, Stephen Odell said that the main logo will receive some changes, because is very hard to be readed from a medium distance.
When will Volvo change its badges?
Not overnight, said Odell. 'You cannot align the ...
After its purchase of Ford Motor's Volvo unit is completed, Geely will establish its Chinese headquarters in Beijing, according to Search-Autoparts.com. And the Chinese carmaker has announced its plan to build a Volvo factory in Beijing.
Previously, Geely Chairman Li Shufu confirmed that Volvo would have two local markets in the futuren - China and Sweden, indicating that Geely would set up its new domestic headquarters in Beijing. Currently Zhejiang Geely Holdings Group is headquartered in eastern city of Hangzhou.
Sources said that two companies related with Geely Group are registering with ...
Volvo has revealed 119g/km DRIVe versions of its S80 executive saloon and V70 premium estate, the fourth and fifth body style it's launched delivering CO2 emissions below 120 g/km.
Delivering 109bhp and 240Nm of torque, the modified 1.6 litre turbocharged diesel engine provides improved fuel economy by 5.1mpg to 62.8mpg on the Combined Cycle, increasing both cars’ range to nearly 1100 miles.
Both cars fall into Vehicle Excise Duty Band C - costing motorists just £35 per year - and Volvo estimates the new 119g/km engine reduces annual carbon emissions by 150kg ...
Volvo Car, the Swedish automaker that Ford Motor Co. is selling to China's Zhejiang Geely Holding Group Co., expects India's luxury-car market to triple by 2015 on rising wealth.
Cars priced at more than 2.5 million rupees ($54,000) may account for about 1.5 percent of industrywide sales in five years, said Paul de Voijs, managing director of Volvo's India unit. Total registrations in the country will reach between 2.5 million to 3 million units annually, he said.
Volvo, BMW and Daimler AG are introducing new luxury cars in India as incomes surge ...
Ford Motor said yesterday that it is not pursuing talks with any new bidder for its Volvo Cars unit and is trying to complete the deal soon with China's Geely Group, Dow Jones reported.
Ford made the remarks in response to the latest media reports that quoted Volvo's chief executive saying the auto maker was open to talking to other potential candidates.
"Ford is trying to get the deal done with Zhejiang Geely Holding Group within the next several weeks," a Ford spokesman said Tuesday. Ford executives said late Monday that they ...
Could Geely's deal to buy Sweden's Volvo from Ford signal that finally Americans will be able to get their hands on some of China's best cars?
It's an interesting question that Automotive News put to Volvo dealers around the U.S., who sound mighty receptive to the idea.
A couple years ago, the auto press couldn't ask enough questions about how soon Chinese cars would hit American shores. The Chinese auto industry was growing explosively, but Chinese internal demand was so robust that there was no reason to bring them to the U.S. ...
Ford Motor Company confirmed today that all substantive commercial terms relating to the potential sale of Volvo Car Corporation have been settled between Ford and Zhejiang Geely Holding Group Company Limited.
While some work still remains to be completed before signing - including final documentation, financing and government approvals - Ford and Geely anticipate that a definitive sale agreement will be signed in the first quarter of 2010, with closing of the sale likely to occur in the second quarter 2010, subject to appropriate regulatory approvals.
Image via Wikipedia
The prospective sale ...
| Yahoo Messenger ID: mserafim_dudu . Please no spam !!!