23 December 2009

Ford, Geely, reach deal on Volvo

Ford and Chinese carmaker Geely have reached a deal whereby Volvo will be bought by the Chinese company in the second quarter of 2010.

In an announcement today, Ford says the deal's 'key commercial terms' have been settled.

Ford says it does not intend to retain any shareholding in Volvo following the deal, but will continue to cooperate with the Swedish brand in several areas after the sale.