Ford Motor’s looks forward for selling its Volvo unit to Geely, China's largest private automaker by early 2010, only after Geely receives approval from the Chinese government.
While this deal will help Geely in acquiring modern technology to upgrade its car line-up and bring it closer to becoming a global competitor, Ford, can use the sale proceeds to speed up its debt repayments and move towards profitability it projected for 2011.
Ford's intention to sell it Volvo unit comes after its traditional rival, General Motors choose to abandon Saab, its rival Swedish car brand to Dutch luxury car builder Spyker Cars NV. This deal however fell flat and General Motors announced that will have to wind down its 60 years old Saab Brand.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment