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Geely was reported to have approached Ford in mid-2008 about a possible takeover of Volvo Cars. On 28 October 2009, Ford named Geely the preferred buyer of Volvo Cars. [13] [14] On 23 December 2009, Ford confirmed that all substantive commercial terms for the sale to Geely had been settled. Geely signed a deal with Ford to acquire Volvo Cars ...
Volvo Group (6.8% stake) In 2017, Geely acquired an 8.2% stake of Volvo AB, which is also about 15% of votes. [132] [133] In January 2024, Geely announced to reduce its holdings in Volvo Group by 685 million USD. The stake has been lowered from 8.2% to 6.8%. Despite the reduction, Geely remains the second-largest shareholder in Volvo Group. [134]
Geely transferred its 11.3% stake in Zeekr Intelligent Technology (Zeekr) to Geely Automobile Holdings (Geely Auto), increasing Geely Auto's ownership in Zeekr to 62.8%. [ 48 ] [ 49 ] Zeekr then acquired a 20% stake in Lynk & Co from Geely Auto for 3.6 billion yuan and an additional 30% from Volvo Cars for 5.4 billion yuan, securing a 51% ...
STOCKHOLM/BEIJING (Reuters) -Volvo Cars has struck a deal to buy out parent company Zhejiang Geely Holding from their joint ventures in China, in a move that could make a potential initial public ...
Ford Motor (F) announced Monday that it has completed the sale of Volvo, its Swedish unit, to China's Zhejiang Geely Holding Group. Geely put up $1.3 billion cash for Volvo and issued a note worth ...
China's Geely Automobile and its Swedish sister company Volvo Cars will abandon merger plans but launch a new entity to combine their powertrain operations and expand cooperation on electric ...
According to Geely designer Peter Horbury, the intention was "to position it between Volvo and Geely as a so-called 'near premium' brand". [10] In August 2017, Zhejiang Geely Holding, Geely Automobile Holdings and Volvo Car Group signed an agreement at Geely Auto's Hangzhou Bay R&D Center to establish the Lynk & Co joint venture. Under this ...
With continued strong growth and highly competitive companies, China has been trying to press into global markets. However, the politics of growth can get difficult -- not to mention the cultural ...