CHINESE AUTOMAKERS ROAR AHEAD
Michael Wei
The Toronto Star, December 24, 2009
BEIJING–Ford Motor Co. said Wednesday it expected to finalize the sale of its Volvo unit to China's Geely in the first half of 2010 in a deal that underlines China's arrival as a major force in the global auto industry.
The deal comes at the end of a year that saw China overtake the United States as the world's biggest auto market, a feat that would have been unthinkable only a few years ago.
It also comes as traditional Ford rival General Motors Co. moves to abandon its Swedish Saab brand after selling some of its assets to another Chinese automaker, Beijing Automotive Industry Holding Corp, or BAIC.
Ford, the No. 2 U.S. automaker, said Wednesday it had agreed on all substantial commercial terms in a deal to sell Volvo to China's Zhejiang Geely Holding Group, parent of Geely Auto. The deal, which Ford said it expected to sign in the first quarter and close in the second quarter of 2010, would be the largest acquisition of a Western auto brand by a Chinese company.
“hile some work still remains to be completed before signing, Ford and Geely anticipate that a definitive sale agreement will be signed in the first quarter of 2010,” Ford said in a statement.
Michael Wei
The Toronto Star, December 24, 2009
BEIJING–Ford Motor Co. said Wednesday it expected to finalize the sale of its Volvo unit to China's Geely in the first half of 2010 in a deal that underlines China's arrival as a major force in the global auto industry.
The deal comes at the end of a year that saw China overtake the United States as the world's biggest auto market, a feat that would have been unthinkable only a few years ago.
It also comes as traditional Ford rival General Motors Co. moves to abandon its Swedish Saab brand after selling some of its assets to another Chinese automaker, Beijing Automotive Industry Holding Corp, or BAIC.
Ford, the No. 2 U.S. automaker, said Wednesday it had agreed on all substantial commercial terms in a deal to sell Volvo to China's Zhejiang Geely Holding Group, parent of Geely Auto. The deal, which Ford said it expected to sign in the first quarter and close in the second quarter of 2010, would be the largest acquisition of a Western auto brand by a Chinese company.
“hile some work still remains to be completed before signing, Ford and Geely anticipate that a definitive sale agreement will be signed in the first quarter of 2010,” Ford said in a statement.
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