Geely Posts 59% Sales Increase in 2009
However, the export market was less successful for Geely, as the Chinese company sold only 19,000 cars outside its homeland, which represents 6 percent of the total sales. For the sake of comparison, Geely exports accounted for 20 percent in 2008, the aforementioned source noted citing Geely Automobile's chief executive Gui Shengyue.
As mentioned in the beginning of the article, Geely is the lucky company that managed to snatch the leading position in Volvo's sale negotiations. Ford and the Chinese carmaker have already agreed on several terms of the deal, with the final signature expected to be given sometime in the first quarter of this year.
"While some work still remains to be completed before signing – including final documentation, financing and government approvals – Ford and Geely anticipate that a definitive sale agreement will be signed in the first quarter of 2010, with closing of the sale likely to occur in the second quarter 2010, subject to appropriate regulatory approvals," Ford said in a statement when announcing the agreement.
"The prospective sale would ensure 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 its core ONE Ford strategy."