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Divesting Volvo completes Ford CEO Alan Mulally's strategy of exiting European luxury brands to focus on the core Ford brand, following the U.S. carmaker's 2007 sale of Aston Martin, and of Jaguar and Land Rover to India's Tata Motors Ltd. in 2008
NetCarShow.comGeely, which only started making cars in 1986, faces a challenge to restore Volvo to long-term profits. Shown is the 2011 Volvo S60, one of the company's critical new products.
"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," Mulally said in a statement.
The Challenge for Geely
Geely's plan for Volvo includes using the Swedish nameplate to produce luxury brands in China, while maintaining its operations in Europe to supply the international market.
Ford's Sale of Volvo is Finalized
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