Why did Geely acquire Volvo?
Li Shufu, chairman of Geely Holding, said the completion of the deal — the first time a Chinese carmaker had acquired 100 percent of a foreign rival — was a “historic day.” He pledged that Volvo, based in Sweden, would push to expand market share around the world while keeping to the characteristics, like a focus on …
Did Volvo buy out Geely?
STOCKHOLM/BEIJING, July 21 (Reuters) – Volvo Cars has struck a deal to buy out parent company Zhejiang Geely Holding (GEELY. UL) from their joint ventures in China, in a move that could make a potential initial public offering (IPO) for the Swedish automaker more attractive to investors.
When did Geely acquire Volvo?
2010
The Geely Holding Company bought Volvo Cars from Ford in 2010 for US$1.8 billion ($4.6 billion less than Ford paid for it in 1999). Geely Auto is one of the brands controlled by Geely Holding, as are British sportscar maker Lotus, Malaysia’s Proton and London black taxi EV specialist LEVC.
How does Geely transform Volvo?
To revive Volvo’s fortunes, Li Shufu (Li), chairman of Geely, devised a turnaround plan under which he proposed to make Volvo profitable by expanding its sales in China to nearly 1 million vehicles a year, set up a low-cost manufacturing plant in China with an annual capacity of 300,000 vehicles banking on China’s …
When Did Chinese take over Volvo?
Based in Hangzhou, which is located in southeast China’s Zhejiang Province, the Zhejiang Geely Holding Group launched their automotive business in 1997. They took control of the Swedish-made Volvo brand in 2010.
When did Zhejiang Geely Holding Group buy Volvo?
2nd August 2010
Hangzhou, China / Gothenburg, Sweden – 2nd August 2010 – Zhejiang Geely Holding Group Co., Ltd. (“Geely Holding Group”), one of the fastest-growing car manufacturers in China, today announced it has completed the acquisition of 100 per cent of Volvo Car Corporation (“Volvo Cars”) from Ford Motor Company.
Who owned Volvo before Geely?
the Ford Motor Company
Renowned for their years of leadership in automotive safety, Volvo Cars was purchased by the Ford Motor Company and remained part of their Premier Automotive brands from 1999 to 2010. The automaker is now owned by Geely Automobile, a major automotive brand based in China.
Is Volvo owned by Geely?
Volvo Car Group in short. Volvo Car Group (Volvo Cars) is owned by Zhejiang Geely Holding (Geely Holding) of China.
Is Geely buying Volvo?
Volvo Cars, a sister company of Chinese car maker Geely Holding, to take full ownership of its car manufacturing plants and sales operations in China by acquiring Geely Holding’s stake, in order to maintain its influence in its largest market, the company told Global Times on Wednesday.
Does Geely own Volvo?
Zhejiang Geely Holding Group Known as Geely for short, this powerhouse Chinese automaker owns the Lotus and Volvo nameplates. It took a controlling share of Lotus in 2017, and purchased Volvo from…
When did Geely buy Volvo?
Volvo Cars formed part of the Swedish Volvo Group until 1999, when the company was bought by Ford Motor Company. In 2010, Volvo Cars was acquired by Geely Holding. Also Know, how much of Volvo does Geely own?