Swedish high end auto icon Volvo now has a new owner, Geely of China. After skimping on the Auto-Maker bail-out offered by the U.S Government, Ford had to find other forms of revenues and sell off their hemorrhaging brands to new owners, like Geely. After paying $1.8 B, Geely then announced plans to pump a further 900 Billion into Volvo to revive the brand, bringing the total Volvo bill of $2.7 B for Geely.
Rumors of Ford selling Volvo have been around for years, however it’s funny to see Volvo taken over by a Chinese entity. Especially after some patriotic investor Swedes vowed back in 2007 to keep it in Scandinavian hands, hoping to snag Volvo back from Ford. After seeing SAAB passed around like a pound puppy in 2009, perhaps these guardian angel investors thought better.
Craig Edwards
