Zhejiang Geely acquires Volvo from Ford

Chinese car manufacturer Zhejiang Geely Holding Group has announced that it has completed the acquisition of 100 per cent of Volvo Cars from the Ford Motor Company. 

As announced on the signing of the stock purchase agreement on 28 March 2010, Geely has agreed to pay $1.8bn (£1.1bn) for the business, which includes a $200m note with the balance paid in cash. 

Under the new ownership, Volvo Cars will retain its headquarters and manufacturing presence in Sweden and Belgium, and its management will have the autonomy to execute on its business plan under the strategic direction of the board.