According to foreign reports, a spokesman for Geely Automobile said on the 17th that Ford ’s Volvo Cars will retain its technology patents, and Chinese buyer Geely will acquire the right to use these technologies.
Geely Automobile ’s parent company, Zhejiang Geely Holding Group, was listed by Ford as the preferred buyer of a loss-making Swedish automobile brand last month.
Yuan Xiaolin said: "Geely's bid meets Volvo's best interests." Yuan Xiaolin said that Volvo will retain its manufacturing and research bases, dealer networks, and union agreements.
He said that the most important thing is that according to Geely's acquisition proposal, Volvo can increase its sales network in China, the world's largest auto market, and continue to develop low-emission vehicles.
Yuan Xiaolin did not give a timetable for this transaction. He said that Geely is now discussing details with Ford .
The Wall Street Journal said earlier this month that Geely will set up a new Volvo plant in China with an annual output of 300,000 cars.
According to reports, in the next four to five years, Volvo will sell 1 million cars worldwide every year, and its annual sales are about 400,000.
Both Ford and Geely did not disclose the possible purchase price of Volvo, but media reports said it would be close to $2 billion instead of the $ 6.45 billion that Ford paid for the Swedish auto dealer in 1999.
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