When was volvo sold to ford

Since then, Volvo Car Group has been a world-leader in safety technology and innovation. Today, Volvo is one of the most well-known and respected car brands in the world with sales in about countries. In , Volvo Cars was acquired by Geely Holding.

Volvo cars are marketed and sold by regional market companies and national sales companies through approximately 2, local dealers in about countries. Most of the dealerships are independent companies. As of December , Volvo Cars had around 40, full-time employees around the globe. In , Volvo Cars sold , cars. For the financial year, Volvo Car Group recorded an operating profit of 8. Revenue over the period amounted to Volvo Cars head office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden.

The Volvo Cars China headquarters in Shanghai includes a Technology Centre and functions such as sales and marketing, manufacturing, purchasing, product development as well as other supporting functions. The Volvo deal should help it to get around some of those obstacles more quickly. Unlike the abortive attempt by General Motors GM to sell its gas-guzzling Hummer brand to Tengzhong, a little-known Chinese machinery maker, Geely's Volvo purchase has been backed by Beijing.

Volvo may get a boost from Beijing's plan to support domestic brands and replace Volkswagen's Audi A6 as Chinese state officials' car of choice. Today's deal ends nearly two years of talks with Geely over Volvo — the last sale from Ford's luxury brands division, which used to include Aston Martin, Jaguar and Land Rover. It highlights in particular the opportunities that have emerged from the financial crisis for smaller players. Geely said that it had secured all the necessary financing to complete the deal, though it remained open to a possible loan from the European Investment Bank.

Unlike General Motors' GM. UL failed deal to sell its gas-guzzling Hummer brand to Tengzhong, a little known Chinese machinery maker, Geely's Volvo purchase has been backed by Beijing. DE Audi A6 as Chinese state officials' car of choice. By Victoria Klesty 4 Min Read.