Monday, April 5, 2010

Ford has sold Volvo

Yesterday ( Sunday, March 28 ) at Volvo headquarters in Gothenburg, Sweden, China' s Zhejiang Geely Holding Group Co. agreed to buy Volvo cars from Ford Motor Co. for US$ 1, 8 billion, Ford will receive US$ 1, 6 billion in cash and US$ 200 million note from Geely and it puts a Chinese company for the first time in charge of a major global car brand.

Geely Chairman Li Shufu who' s called China' s Henry Ford said Geely will build Volvos in China, the deal brings opportunity, he has the goal of selling 200.000 Volvos in China by 2015. The company is ranked no. 11 in China.
Ford paid US$ 6, 5 billion for Volvo in 1999 and over the past few years, Ford has also sold Aston Martin and Jaguar - Land Rover.

Aston Martin sold to a consortium which valued at pounds 479 million in March 12, 2007; The consortium includes Investment Dar and Adeem Investment from Kuwait.
Jaguar - Land Rover sold to Tata Motors Ltd. from India for US$ 2, 3 billion in March 26, 2008.
Ford must use about half its sale proceeds to pay US$ 23, 5 billion debt the company took on in 2006.
Ford Motor Company founder is Henry Ford 1863 - 1947, pioneer automobile manufacturer, Ford' s famous car in 1908 is Model T, nearly 17 million cars were produced worldwide.