Geely Promises to Keep Volvo as Is

Ford has already confirmed that Geely is very close to take control of Volvo, with the final signature expected to come in early 2010. Although various media reports have already suggested several changes to be made within Volvo once the Chinese guys take over the brand, Geely's officials promise to keep Volvo as it is in most areas.

For example, the current production, research and development facilities will remain untouched under Geely's ownership, Reuters reported citing a Chinese official. Furthermore, the dealership network and union agreements will continue to exist in the same form.

"If the deal succeeds, nothing will change for Volvo, except the boss turns to Li Shufu," Li Shufu, founder of Geely Group, told the official Xinhua news agency. "Volvo and Geely will be two independently managed brands."

As said, the deal will be signed in the first quarter of 2010 while the takeover will be completed in the second quarter of the same year.

"Ford Motor confirmed today that all substantive commercial terms relating to the potential sale of Volvo Car Corporation have been settled between Ford and Zhejiang Geely Holding Group Company Limited," Ford's official announcement read earlier this month.

"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."

More details on the terms of the deal are to be released closer to the signing date.