Volvo is seeking a €600 million loan from the European Investment Bank under new Geely ownership.
Tag Archives: Geely
Geely to launch their own London cab in Beijing
Geely is launching their own version of the London black cab at the Beijing Auto Show this year.
Looking back at the past decade in motoring: Part 2
In the first part of this series, we looked through some of the worlds most exotic cars, and how they battled it out in a showdown for the most speed last decade. Now though, it’s time to take things down a notch and talk about some Chinese automakers fighting their way into the big automotive world.
Swedish government meeting with GM and Ford to discuss Saab and Volvo
The Swedish government will be holding a meeting with officials from General Motors, and later Ford, to discuss the situation with Saab and Volvo respectively. The meetings will take place sometime next week.
Volvo to be sold to Geely in early 2010
Ford has confirmed in a press conference today that all substantive commercial terms regarding the sale of Volvo have been settled between the American firm and the Chinese buyer, Geely. In other words, the last arrangements to sell Volvo have been made.
US Consortium Crown may be on Par with Geely's Bid for Volvo
American consortium Crown has been bidding on Volvo, and they may be on par with Geely’s bid of $1.8 billion.
Crown is led by former Ford director Michael Dingman, former Ford and Chrysler LLC executive Shamel Rushwin and ex-Volvo CEO Roger Holtback. They would make good leaders for Volvo, and they’re probably good bidders as well, hence the possibility of their bid matching Geely’s. Their bid is backed by both Swedish and Chinese investors and banks. It’s hard to say what will happen though, especially with Ford’s talks with Geely at an advanced stage already.
Source: Autoblog
US Consortium Crown may be on Par with Geely's Bid for Volvo
American consortium Crown has been bidding on Volvo, and they may be on par with Geely’s bid of $1.8 billion.
Crown is led by former Ford director Michael Dingman, former Ford and Chrysler LLC executive Shamel Rushwin and ex-Volvo CEO Roger Holtback. They would make good leaders for Volvo, and they’re probably good bidders as well, hence the possibility of their bid matching Geely’s. Their bid is backed by both Swedish and Chinese investors and banks. It’s hard to say what will happen though, especially with Ford’s talks with Geely at an advanced stage already.
Source: Autoblog
Geely Plans Three New Models for Volvo
Geely, the preferred bidder on the sale of Volvo, hasn’t closed a deal with Ford yet, but is already making plans for Volvo.
They want to make two to three new models. These will all be big, luxury cars, which they believe will benefit global sales. In fact, they want to get global sales to over 1 million units per year. Volvo’s current sales are about 400,000 per year, so Geely’s plan are pretty big. Besides creating the new models, they will also build a new factory in China to help achieve this goal. It will be capable of producing 300,000 units per year. They predict that they can sell 200,000 units per year in China, compared to last year’s figure of 12,600 units, yet again showing that Geely’s goals are pretty ambitious.
Geely’s offer is believed to be around 2 billion Euros (About 3 billion USD), which is a hefty sum, but the main issue with closing a deal is the intellectual property rights.
Source: Autocar