Publications
Partners
Ford has sold Volvo to Geely for $1.8bn, thereby rounding off the unbundling of its Premier Automotive Group.
In terms of deal progression the sale should close in the third quarter of this year – subject to regulatory approval.
As it stands now, Geely will pay $1.8bn for the Swedish brand which Ford bought for $6.45bn (non-inflation adjusted dollars) back in 1999.
With the Volvo sale now underway Ford has rid itself of all remnants of the once fabled Premier Automotive Group. Aston Martin, Volvo, Jaguar and Land Rover are all now in emerging market hands.
Ford boss Alan Mulally says the sale of Volvo should allow the blue oval to sharpen its focus on building the Ford brand globally. Ford will provide Volvo with certain key components until the Swedish manufacturer can sign suitable new contracts with suppliers.
The South African arm of Volvo’s car business (and local dealers for that matter) will be unaffected by the sale.
In terms of deal progression the sale should close in the third quarter of this year – subject to regulatory approval.
As it stands now, Geely will pay $1.8bn for the Swedish brand which Ford bought for $6.45bn (non-inflation adjusted dollars) back in 1999.
With the Volvo sale now underway Ford has rid itself of all remnants of the once fabled Premier Automotive Group. Aston Martin, Volvo, Jaguar and Land Rover are all now in emerging market hands.
Ford boss Alan Mulally says the sale of Volvo should allow the blue oval to sharpen its focus on building the Ford brand globally. Ford will provide Volvo with certain key components until the Swedish manufacturer can sign suitable new contracts with suppliers.
The South African arm of Volvo’s car business (and local dealers for that matter) will be unaffected by the sale.