Geely completes acquisition of Volvo Cars

Zhejiang Geely Holding Group Co., Ltd., one of the fastest-growing car manufacturers in China, announced its completion of the acquisition of 100 percent of Volvo Car Corporation from Ford Motor Company on August 3 and Geely paid 1.3 billion yuan for the acquisition, marking the ever first successful acquisition of the Chinese automaker to the international famous luxury car-maker. Under the new ownership, Geely has the access to the usage of Volvo’s total IPRs, including those concerning safety and environmental care.
According to the acquisition agreement, Geely has 100 percent stakes in Volvo, has its IPRs in core technology, patents and manufacturing facilities, and it will get Volvo’s global marketing channel.
(By Zhao Jianguo)