Volvo Hopes to Grow Under Geely Ownership

Now that the Volvo-Geely deal has been approved, the Swedish manufacturer is free to focus on its future and decide the best ways to continue its growth. Volvo's North American CEO expressed his confidence that Geely will only help the company in this goal and emphasized that the Chinese owner won't change too many things but will help Volvo expand into new markets.

"The goal is not to break it apart and change everything, the goal is to help us to get better and better," Doug Speck told Xinhua at the New York International Auto Show.

"Right now you will not see many changes, because we are doing a lot other things that make sure the process," said Speck. "But automatically, we will build products in China, North America and Europe, because that's how you grow and succeed."

Under the terms of the deal, Ford will continue to supply components to Volvo, but only until the transaction gets the final signature. Geely will pay the American company $1.8 billion, minus debt and pension adjustments.

“Volvo is a great brand with an excellent product lineup. This agreement provides a solid foundation for Volvo to continue to build its business under Geely’s ownership,” said Alan Mulally, Ford’s president and CEO. “At the same time, the sale of Volvo will allow us to further sharpen our focus on building the Ford brand around the world and continue to deliver on our One Ford plan serving our customers with the very best cars and trucks in the world.”