Various Asian sources are reporting that Ford sold Volvo to the Chinese carmaker Geely. Ford however, has not made any official statement regarding the sale of Volvo to Geely.
Ford has put Volvo on sale for some time now to get extra funds and the Chinese have been interested in buying it from the beginning. Volvo is already producing a number of models in China, some of which are exclusive for this market. One of the first step that will be taken by Geely will be to move the production from Dongguan in its facilities in Guangdong. The first models that will be produced under Geely's ownership will be the new Volvo XC90.
Through this transaction, Geely also gained ownership of Volvo's safety technologies and the possibility to sell it's models through Volvo's dealership network.
[Source: Automarket]
