Money Matters - Simplified

Henry Ford

Volvo Goes to Geely

Ford announced this week that it would be selling its Swedish brand Volvo to Chinese automaker Geely, emphasizing China’s growing hold in the global auto industry.

Ford confirmed its terms with Zhejiang Geely Holding Group Co. Ltd., and said that all “substantive commercial terms” have been settled. Now all that is left is a sales agreement, which is expected to be signed in the first quarter of 2010. The final closing of the deal is expected for the second quarter.