Is Volvo wholly owned by Geely?
STOCKHOLM/BEIJING, July 21 (Reuters) – Volvo Cars has struck a deal to buy out parent company Zhejiang Geely Holding (GEELY. Volvo Cars sold over 166,000 vehicles in China last year, and its dealers are offering heavy discounts to compete with other premium brands like BMW (BMWG.DE) and Audi (VOWG_p.DE).
Who sold Volvo to Geely?
Shares in Geely Automobile Holdings surged nearly 5% on March 29 Monday after its Chinese parent company sealed a $1.8 billion deal to buy Volvo Cars from Ford. “It is a comprehensive acquisition,” said Jerry Huang, a Shanghai-based analyst with automotive research firm CSM Worldwide.
Why was Volvo sold to Geely?
The move is in response to the Chinese government’s ruling that allows foreign car-makers to own factories in China – previously they had to be joint ventures – from next year and has significant business and tax implications for both Volvo and Geely, which will continue to work together on car projects.
Is Volvo part of Geely?
Volvo Cars – Volvo Cars is controlled by Zhejiang Geely Auto Group through subsidiaries since its purchase from Ford in 2010 for approximately US$1.4 billion. Volvo is one of the most well-known and respected luxury car brands in the world, ranking ahead of Lexus and Infiniti in a 2019 survey by U.S. News.
Does a Chinese company own Volvo?
Volvo is currently owned by the Zhejiang Geely Holding Group, a Chinese company which owns over 15 other vehicle makers.
Is Volvo owned by Chinese company?
No. AB Volvo is not owned by a Chinese company. Volvo is mostly owned by Swedish owned or controlled investment companies. Volvo is a company employing about 85 000 persons world wide and manufactures everything from buses and trucks to marine and industrial engines.
Who owns Volvo automobile company?
Automobile manufacturer Volvo Cars, also based in Gothenburg , was part of AB Volvo until 1999, when it was sold to the Ford Motor Company. Since 2010 it has been owned by the Geely Holding Group, China’s biggest multinational automotive manufacturing company.
Who owns Volvo USA?
Volvo cars currently is owned by Geely holdings, and Volvo trucks is an independent company that brought Mack trucks, Renault trucks, and White trcks.
Is Volvo bought by Ford?
Ford bought Volvo for $6 billion in 1999 as part of a decade-long global push in which it also acquired Aston Martin, Jaguar and Land Rover. Of those international luxury brands, Volvo is the last…