Ford and Geely Hit "Snag" in Volvo Deal
Trouble's a-brewin' in the Ford/Geely Volvo sale, or so Zhejiang Geely Holding Group Chairman Li Shufu implies. The good news is it doesn't sound too serious.
Automotive News states that there may have been a "snag due to problems at Ford Motor Co."; regardless, Chairman Li says, "We're ready to seal the deal...If the deal fails, the problem is not on our side. We have not violated any part of the agreement."
The report goes on to say that Geely's plans for taking ownership of Volvo within the second quarter of 2010 have not changed. If that's the case, and the deal goes through, Chinese Geely will have Volvo safety, engineering, and design to spread throughout its portfolio.
Safe Chinese cars that look good? Maybe they're getting ready to take over the world after all.
- By Phil Alex