Blog Archive
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2010
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November
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- GM hiring to push electric effort beyond Volt
- Michael Schumacher vs. Sebastien Loeb Race of Cham...
- NHTSA investigate '06 CR-V compact SUV (U.S)
- Jeep Compass replacement to be produce in Italy (IT)
- Volvo recalls 6,046 S60, S80, XC60 and XC70 models...
- Mandrel Bent Exhaust Tubing.
- Cars and sexy girl BMW, LAMBOGHINI, MERCERDES....(...
- Cars and sexy girl BMW, LAMBOGHINI, MERCERDES....(...
- Cars and sexy girl BMW, LAMBOGHINI, MERCERDES....(...
- Cars and sexy girl BMW, LAMBOGHINI, MERCERDES....(...
- Cars and sexy girl BMW, LAMBOGHINI, MERCERDES....(...
- Cars and sexy girl BMW, LAMBOGHINI, MERCERDES....(...
- Cars and sexy girl BMW, LAMBOGHINI, MERCERDES....(...
- Cars and sexy girl BMW, LAMBOGHINI, MERCERDES....(...
- Cars and sexy girl BMW, LAMBOGHINI, MERCERDES....(...
- Cars and sexy girl BMW, LAMBOGHINI, MERCERDES....(...
- 2010 Mercedes-Benz Sport Cars Biome Concept
- Suzuki Esteem Pics & Wallpapers
- Cadillac Eldorado Cars Info & Pics
- Dodge Charger Fastback Coupe Car Design 2011
- Pimp Your Ride By Modifying Spark Plugs
- Vauxhall/Opel comfirms revival of Calibra sports car
- Jaguar recalls XJ due to faulty windscreen wipers ...
- New Car Collections | Panoz Abruzzi Spirit of Le Mans
- New Car Collections | Ford Fiesta RS WRC
- Modification Car Toyota Celica 2010
- New Porsche Panamera PS9 Unveiled At Essen Motor Show
- Benefits Of Aftermarket Sports Exhaust System
- All-Electric Luxury Car INZIO
- Boeing Announces Mass Production Of 39.2% Efficien...
- Mitsubishi set to launch plug-in hybrid SUV in 2013
- 2011 Porsche Sport Cars Cayman R
- Nissan Unleashes Its New GT-R Black Edition
- Remove Car Dents With Hair Dryer And CO2
- Ford Focus Electric Vehicle Spy Shots
- Australian EV to sell for under $10,000
- Saab to offer free iPad with 9-4X deposits, denies...
- Volcano
- 2010 Spyker Sport Cars C8 Aileron Spyder
- 2010 Spyker Sport Cars C8 Aileron Spyder
- Pontiac G8 may return with a Chevrolet badge
- Mercedes and BMW shorten Christmas break to cope w...
- Honda may recall '05 Accord & Civic Hybrid over fa...
- Oprah gives free 2012 Beetles to audience (U.S)
- Jeep Patriot obtains new diesel engine (UK)
- Volkswagen revises Scirocco and Passat CC for 2011...
- EPA label for Chevy Volt: 93 MPGe EV Mode, 60 MPG ...
- Jay Leno Drives the Jaguar C-X75 Concept Car
- Green Overdrive: The Electric Volt Is Here! [video]
- Race Car Concept
- New Car: 2011 Audi RS3
- Facelifted Jeep Compass spied undisguised
- Mitsubishi Motors Corporation Reaches 5,000 i-MiEV...
- Renault: ‘150-mile EVs by 2015’
- Honda Civic R Type White Bodykit Style
- Chevrolet Corvette Z06 - Luxury Cars Modifications
- Cadillac Sports Cars Aera lightweight Concept Car
- Cadillac Sports Cars Aera lightweight Concept Car
- Special-Edition BMW M3 Teased
- Super Cars Auto Contest Ferarri 458 Test Drive
- 2011 Revenge Verde – Auto Shows
- New Nissan R34 GT-R Motorsport JAPO Concept
- Performance Porsche Panamera Turbo Sport Car Tuning
- Best Automotive Lotus Exige S Exotic Car
- 2010 Jaguar XF Hybrid Exhibition Cars
- Air hybrid system will allow buses to recharge by ...
- Silent flight: Sikorsky's electric helicopter
- Nissan Leaf gets combined EPA rating of 99 MPGe
- Audi aims to be luxury EV leader; plug-in hybrid d...
- Mercedes Electric Vito Taxi wins Future Car Challenge
- Maserati guns Porsche Cayenne, BMW X5 and Audi Q7 ...
- Forthcoming Citroën C1 city-car to grow
- Saab to axe 200 employees
- Car Modification
- Car Modification
- Mazda to match Volkswagen quality
- 2011 Bugatti Veyron F1 New Concepts in 2011
- 2011 All New Hyundai Elantra
- Mitsubishi Lancer Evolution X premium
- 2010 BMW X6 M shows up
- The new BMW active hybrid X6
- Car Modification 2010
- Car Batman
- Anzo Lighting Headlamp Assembly Pair (Honda Civi...
- Fully Charged discussion with Rory Reid
- Polyurethane Body Kits
- Hertz Partners With CODA for EV Fleet in 2011
- New Porsche 911 GT3 Cup
- Photo Gallery: 2011 KIA Optima
- 2010 Volvo Sport Cars Air Motion Concept
- 2010 Volvo Sport Cars Air Motion Concept
- 2010 Toyota Tundra
- GM Officially Announces Pontiac's Death, Saab, Hum...
- Cadillac, Hummer and Saab Chief Mark McNabb Resign...
- GM Finds a Buyer for HUMMER, Deal Could Save 3,000...
- GM Officially Confirms China's Sichuan Tengzhong a...
- Custom Built Hummer H1 is one Freaky Creation
- GM Seals Deal to Sell Hummer to China's Sichuan Te...
- Hummer HB Compact Off Roader Design Concept
- Wind it Down: Say Good-bye to Hummer as Chinese De...
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November
(757)
China's Geely Completes Takeover of Volvo from Ford
Chinese carmaker Zhejiang Geely Holding Group Co. (simply known as Geely) completed the purchase of Volvo Cars from Ford Motor Co. on Monday. According to Ford, Geely paid $1.3 billion in cash today and issued a $200 million note for the acquisition of the Swedish carmaker. The exact amount of the final sale price will be announced later this year when the final adjustments on Volvo's value are made, and could result in additional proceeds to Ford.
"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," said Alan Mulally, Ford's president and CEO.
"At the same time, the sale of Volvo will allow us to sharpen our focus on the Ford brand around the world and continue to deliver on our One Ford plan serving our customers with the very best cars and trucks in the world."
Under the agreement, Ford will continue to cooperate with Volvo in several areas supplying powertrains, stampings and other vehicle components. It will also provide engineering support, information technology, access to tooling for common components, and other selected services for a transition period.
The Detroit automaker added that it has also come to an agreement with Geely on the use of intellectual property.
As previously announced, Stephen Odell, CEO of Volvo Car Corporation, will return to Ford as group vice president and Chairman and CEO of Ford Europe. Stuart Rowley, CFO of Volvo Cars, will also head back toFord as chief financial officer, Ford Europe.
"Volvo is a proud company with a talented and dedicated team of employees," said Odell. "I am especially pleased that with Ford's continued investment in recent years, Volvo is well positioned for the future with an exciting range of products that remain true to its core values – safety, quality, environmental responsibility and modern Scandinavian design."
Geely has announced that Volkswagen's former U.S. Chief Stefan Jacoby will replace Odell and become CEO of Volvo Car starting from this month.