Dominic Lavrinc of Autoblog.com reported this morning that Volvo, owned by Ford Motor Company since 1998, has been officially sold to Chinese automaker Zhejiang Geely Holding Group Company Limited (Geely) for $1.8 billion dollars. Geely, one of China's fastest growing automakers, also made news by hiring Stefan Jacoby, Chief Executive of Volkswagen Group of America, as Volvo Cars' new President & CEO.
"Volvo is an excellent brand with a strong product line, and it has returned to profits after a successful restructuring. We are confident Volvo has a solid future under Geely's ownership," said Alan Mulally, Ford's president and CEO. "At the same time, the sale of Volvo will allow us to sharpen our focus on the Ford brand around the world and continue to deliver on our One Ford plan serving our customers with the very best cars and trucks in the world."
The sale completes the Blue Oval's jettisoning of several iconic but money-draining European brands, which also included Jaguar and Land Rover, sold last year to Indian automaker Tata Motors.
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