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Volvo Sold by December

The Swedish brand Volvo which is currently looking for a new investor to buy the majority stake will be sold by the end of the year, Swedish industry ministry state secretary Joeran Haegglund said. However, it's still unclear whether the Chinese companies, often linked with a Volvo takeover, have any chance to gain ownership over the Swedish brand.

Haegglund said the government works closely with Ford to secure the future of the Swedish automaker but the American manufacturer does not want to get rid of its brand hastily, as GM did with Saab.

"Ford has a slower pace than GM and Saab and we expect a sale will be completed in the latter part of the year," he was quoted as saying by just-auto.com.

Chinese automakers are the only suitors currently linked with a Volvo deal, with Geely often regarded as the favorite to gain the controlling share. Earlier media reports even hinted that Geely submitted a preliminary takeover proposal and agreed to pay up to $2 billion for the Swedish brand. Furthermore, the Chinese carmaker already issued a plan in case it buys Volvo, with a group of local engineers to be transferred to Sweden and work, side by side with Volvo employees, on a number of new projects.

But Ford seems to be quite reluctant when it comes to the sale of Volvo. Even if the company admitted it wants to dispatch Volvo, Ford is now trying to delay the process until GM finally sells Opel. The reason? Ford would then invite the losing suitor to bid for Volvo and thus fight with Chinese investors.
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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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