Geely Considering Saab Bid

Geely has already been named Ford's preferred bidder for Volvo but the Chinese company is far from ending its European expansion. According to the recent rumors surrounding GM's Swedish unit, Geely is now considering a bid for Saab, although the company refuses to talk about such a project.

Asked whether Geely is indeed interesting in making an offer for Saab, Lawrence Ang, an executive director of Geely Auto, quickly reacted: "Who knows?".

This is not the first time when Geely plans to take control of Saab, as the Chinese party initially held talks with General Motors but negotiations were stopped as the two companies came to no conclusion.

Meanwhile, Geely is still working with Ford on the Volvo acquisition, as the American manufacturer confirmed that Geely is currently favorite to take control of the Swedish unit.

“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."

Geely is believed to offer $2 billion for Volvo, although officials involved in the matter refused to comment on the rumors.

“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.”
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About the author: Bogdan Popa
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Bogdan keeps an eye on how technology is taking over the car world. His long-term goals are buying an 18-wheeler because he needs more space for his kid’s toys, and convincing Google and Apple that Android Auto and CarPlay deserve at least as much attention as their phones.
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