The Chinese company Geely officially announced the acquisition of the Swedish Volvo brand for 1.8 billion dollars, reports AFP.The deal was made at the headquarters of Volvo in Sweden. Volvo spokesman Per Aake Freberg (Per-Aake Froeberg) also confirmed the information held about selling the brand.
Since 1999, the right to the automotive Volvo belonged to the American Ford, who acquired a Swedish brand for 6,4 billion dollars. Recently, due to the global
economic crisis, the company was in financial difficulties. Volvo brand has become unprofitable for Ford, so for him it was decided to find a new investor.
Earlier, concerns the sale of Volvo Chinese automakers have expressed the Swedish media. The general mood of publications was reduced to fears that Geely is not yet ready for serious competition in the world market, while in China, Volvo may get lost in the mass of cheap local brands.
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