Geely Confident of Buying Volvo

Zhejiang Geely Holding, owner of Geely Automobile, is confident that it will manage to complete the Volvo takeover after Ford confirmed last week that the Chinese manufacturer has the biggest chances to do so. Geely chairman Li Shufu said during an event in Shanghai that the company is deeply involved in takeover negotiations but hasn't provided a deadline for the deal to get through.

"There are lots of details and we're taking our time," said Li according to Reuters.

Furthermore, Li confirmed that he hopes to bring Geely in several large markets around the world and Volvo would have a huge contribution in reaching this goal.

"We will continue to work hard and bring Geely to every corner of the world," Li said. "We are seeking our way out into the world," he added.

Ford confirmed last week that Geely is its preferred bidder for Volvo but decided once again to keep things secret.

“Ford’s objective in our discussions with Geely is to secure an agreement that is in the best interests of all the parties,” said Lewis Booth, Ford Motor Company executive vice president and chief financial officer. “Any prospective sale would have to ensure that Volvo has the resources, including the capital investment, necessary to further strengthen the business and build its global franchise, while enabling Ford to continue to focus on and implement our core ONE Ford strategy."

“Volvo’s management team welcomes today’s announcement as a positive step forward,” Volvo CEO Stephen Odell said. “At Volvo, we are continuing to keep our attention firmly fixed on engineering and building great Volvo cars, to reduce our cost base and to return the business to sustainable profitability at the earliest possible opportunity.”