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(car)when did...

xxx97xxx97 Member Posts: 5,721 ✭
edited November 2010 in General Discussion
volvo get sold to the chinese...i never heard this,knew about the hummer...there goes volvo's claim to safety!!
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    mk19mk19 Member Posts: 92 ✭✭
    edited November -1
    I never heard about that, is that recent?
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    xxx97xxx97 Member Posts: 5,721 ✭
    edited November -1
    car magazine was dated 7/10...sitting in the waiting room at the doc's office...
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    MossbergboogieMossbergboogie Member Posts: 12,211
    edited November -1
    Ford sold it off in 08 maybe.. Unlike GM Ford started jettisoning extra brands in 07-08... Think they still hold part of Mazda but they sold 2/3 of their share of that aswell. Nope august of 2010.

    http://www.nydailynews.com/money/2010/08/03/2010-08-03_ford_sells_off_volvo_chinese_carmaker_buys_ailing_luxury_brand_in_15b_deal.html
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    Spider7115Spider7115 Member, Moderator Posts: 29,714 ******
    edited November -1
    8/02/10: BEIJING - Geely Holding Group completed its acquisition of Ford Motor Co.'s Volvo unit Monday in a $1.5 billion deal that gives the small-but-ambitious Chinese automaker a global brand and huge management challenges.

    The legendary Swedish automaker is China's biggest foreign auto acquisition and an unusually large deal for a private Chinese company.

    Industry analysts say 13-year-old Geely, barely known abroad, will face a struggle in integrating the two corporate cultures and turning around Volvo Cars, a perennial money-loser in a country with strong labor unions.

    Geely agreed in March to buy Volvo from Ford, which sold its European brands to raise cash and focus on its core Ford and Lincoln units. Geely said it paid $1.3 billion in cash plus a $200 million note - less than the $1.8 billion price announced in March due to changes in pension obligations and working capital.

    "This famous Swedish premium brand will remain true to its core values of safety, quality, environmental care and modern Scandinavian design," said Geely founder and chairman Li Shufu in a statement.

    Note: Effective immediately, the brand name will be pronounced "VORVO". [:D]
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    fishkiller41fishkiller41 Member Posts: 50,608
    edited November -1
    That must be why Ford still has their head above water.They saw the "writing on the wall" and did something about it,instead of taking taxpayer money and going to the ISLANDS!![:(!]
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    xxx97xxx97 Member Posts: 5,721 ✭
    edited November -1
    thxs spider...
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    7.62x39Lover7.62x39Lover Member Posts: 3,939 ✭✭✭
    edited November -1
    quote:Originally posted by fishkiller41
    That must be why Ford still has their head above water.They saw the "writing on the wall" and did something about it,instead of taking taxpayer money and going to the ISLANDS!![:(!]


    +1
    [:(!]
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    WarbirdsWarbirds Member Posts: 16,834 ✭✭✭✭
    edited November -1
    Ford lost its * in the Volvo deal, but they got out from under it instead of going down with the ship.

    Ford paid something like 6.5 billion for Volvo and sold Volvo for 1.5 billion.
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