Ford completes sale of Volvo to Chinese automaker
August 02, 2010
Ford has announced that it has completed the sale of its Volvo brand to Chinese automaker Geely for $1.8 billion.
Selling Volvo completes Chief Executive Officer Alan Mulally’s strategy of exiting European luxury lines to focus on Ford’s namesake brand.
Ford has said it will continue to supply Volvo with engines, transmissions and other vehicle components. It also agreed to provide engineering and technology support and access to tooling for common components for an unspecified period.
At this time, PHH does not anticipate any impact to fleet ordering.