In which year did Geely acquire Volvo?
2 Answers
Geely acquired Volvo in 2010. On August 2nd, Geely Holding Group officially completed the acquisition of all equity in Volvo Car Corporation from Ford Motor Company. Geely Group paid Ford $1.3 billion in cash and $200 million in bank notes, with the remaining funds to be settled in the second half of the year. The successful completion of the asset transfer between Geely and Volvo marked a perfect conclusion to what was then the largest overseas acquisition in China's automotive industry. Below is additional information: 1. Volvo Cars officially came under the ownership of a Chinese independent automotive brand: The acquisition of all equity in Volvo Car Corporation was completed in London. According to reports, the actual acquisition cost for Geely was less than the previously estimated $1.8 billion. This concluded China's largest acquisition of overseas automotive assets. 2. The Wall Street Journal: According to The Wall Street Journal, Ford Motor Company was expected to sell its Volvo car business to Zhejiang Geely Holding Group of China by the end of March as planned.
As a young car enthusiast, I've been following automotive news since childhood and clearly remember that Geely acquired Volvo in 2010, which was a sensational event. I had just started university at the time and was particularly excited that a Chinese brand could acquire a Swedish giant like Volvo, feeling it broke the traditional landscape. This not only changed the automotive market but also drove technological innovation, such as Volvo's safety systems combined with Geely's cost advantages, leading to more practical electric vehicles. Later, I personally saw their collaborative new models at auto shows, with upgraded appearances and performance, which inspired me to learn more about automotive engineering. In short, this was a milestone for the internationalization of Chinese automakers and is worth reminiscing about for every car enthusiast.
