Geely Signs for Ford Volvo Sale

Geely the Chinese car maker signs a deal to buy Volvo from US car giant Ford. The deal was The agreement, which was announced in December, is the biggest overseas purchase by a Chinese car manufacturer with a total of $1.8bn (£1.2bn).

Ford, who has a lot of debts to pay off, hopes that the sale of Volvo will help it pay off its debts and focus on its core brands. Geely has pledged to keep Volvo as a separate company with its headquarters remaining in Sweden, but the significant manufacturing is expected to take place in China, making Volvos for Chinese consumers.