Like a kid after Christmas, expect to see the Chinese automaker Geely “play” with its “new toy,” should its planned acquisition of Volvo Cars go through, said the Swedish maker’s top executive.
New production operations in China, as well as a Asian design and engineering center are most likely to follow Ford’s planned sale of its Volvo subsidiary, according to CEO Stephen Odell. But the long-time Ford executive said he believes Geely will largely hold course with its new global brand.
Late last month, Ford confirmed long-standing rumors, revealing that it had reached agreement, “on all substantive terms,” with Zhejiang Geely Holding Group, one of the strongest and most ambitious of China’s independent automakers.
The proposed sale should be completed by the second quarter of this year, Odell predicted, during an interview with TheDetroitBureau.com. The transfer would come at a critical time for Volvo, which has been hit hard, over the last several years, by the global recession and problems more particular to the brand.