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Article: China: Geely s Volvo plans include expansion beyond China.
- Article from:
- TendersInfo
- Article date:
- November 12, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: shiv03
China's Zhejiang Geely Holding Group Co., chosen last month as lead bidder for Ford Motor Co.'s Volvo unit, has developed a turnaround plan in which the money-losing Swedish auto maker would sell nearly one million vehicles a year. The plan centers on China but also sets ambitious goals for Volvo's traditional markets of Europe and North America.
Geely executives see a long slog to seal the deal, however, a process complicated by intellectual-property issues, according to a person close to Geely.
The person confirmed that Geely, one of China's biggest privately owned auto makers, is financing a roughly $2 billon bid for Volvo ...