According to Chinese media reports, Geely has reached a preliminary agreement with Ford to buy Volvo. The reports also suggest that Geely will build a new Volvo model in China’s Guangzhou Province as part of the deal. Speculation suggests that Geely would initially introduce the XC90 in China and investmore than$10 billion in Volvo globally.
However, Volvo and Ford have denied the reports, and released a statement reading: “An announcement related to the sale of Volvo Car Corp. would only come from Ford Motor Company.”
The statement went on: “As of today, neither Ford Motor Company nor Volvo Car Corporation in Sweden has made any announcement regarding the sale of Volvo. Reports of such a sale by any media outlet are speculative and, therefore, are not accurate.”
The Chinese media, though, are citing a government source as having confirmed the agreement. The source says the official confirmation will only be released once details have been finalized.