Geely bought by Volvo (EU clears deal)
08-30-09, 07:16 PM
#1
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Geely bought by Volvo (EU clears deal)
http://uk.reuters.com/article/idUKTRE57S1CW20090829
STOCKHOLM (Reuters) - China's Geely Automotive (0175.HK) has submitted the only concrete bid so far for Ford Motor-owned (F.N) carmaker Volvo Car Corporation, a business daily reported on Saturday, citing an undisclosed source.
The U.S. carmaker put money-losing Volvo Cars up for sale in December last year as it looked to cut costs and raise cash in the face of plunging industry-wide auto sales.
The firm said in July it was in discussions with a number of parties on the car maker.
An announcement of which suitor Ford had selected to initiate final takeover negotiations with was expected some time next month, Swedish business daily Dagens Industri reported.
"It is necessary if the deal is to be completed before the turn of the year, which Ford has set as a target," the newspaper cited a source involved in the sales process as saying.
A Volvo Car Corporation spokeswoman declined to comment on the report.
STOCKHOLM (Reuters) - China's Geely Automotive (0175.HK) has submitted the only concrete bid so far for Ford Motor-owned (F.N) carmaker Volvo Car Corporation, a business daily reported on Saturday, citing an undisclosed source.
The U.S. carmaker put money-losing Volvo Cars up for sale in December last year as it looked to cut costs and raise cash in the face of plunging industry-wide auto sales.
The firm said in July it was in discussions with a number of parties on the car maker.
An announcement of which suitor Ford had selected to initiate final takeover negotiations with was expected some time next month, Swedish business daily Dagens Industri reported.
"It is necessary if the deal is to be completed before the turn of the year, which Ford has set as a target," the newspaper cited a source involved in the sales process as saying.
A Volvo Car Corporation spokeswoman declined to comment on the report.
08-31-09, 12:26 AM
#7
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this bid is a good thing, chinese cars need some structural integrity and a lesson in automotive safety 101
but then yeah, in 10 years, id expect to see a lot of chinese cars in north america
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08-31-09, 12:34 AM
#8
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08-31-09, 06:42 AM
#9
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I fear that Geely owning Volvo poses a risk to the latter.
With Volvo, whose known for safety and security, now owned by a car is still atm struggling to meet Euro Ncap crash safety standards, I fear for such........
I just hope that my fears would be put to rest (but that's just wishful thinking).
With Volvo, whose known for safety and security, now owned by a car is still atm struggling to meet Euro Ncap crash safety standards, I fear for such........
I just hope that my fears would be put to rest (but that's just wishful thinking).
08-31-09, 06:49 AM
#10
I really don't mind Volvo, and think that the brand is looking better now than ever. The XC60 seems to be ridiculously popular around here and has gotten relatively positive reviews. The new S80 is very nice, though a tad bland. S40 seems like it has been a decent selling product as well. New S60 coming, followed eventually by a new XC 90.
A few years ago I would have told you that the outlook for the brand was bleak, but I think things are on the way up at Volvo.
A few years ago I would have told you that the outlook for the brand was bleak, but I think things are on the way up at Volvo.
08-31-09, 02:18 PM
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08-31-09, 03:17 PM
#12
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At the risk of delving into stereotypes, which I generally don't think much of, and usually to stay away from, there was some truth to the idea that Volvos have traditionally appealed to schoolteachers, professors, librarians, pastors (in fact, my own pastor drives an XC70), left-wing environmentalists (why, I don't know, because Volvos aren't that frugal with gas), and safety-bureaucrats. The advent of the front-drive and sportier Volvos, in the 1990s, started to change that, but a lot of it is still true. That's one reason why the sport-Volvo R line didn't work out well in the U.S.
08-31-09, 04:46 PM
#13
Lexus Fanatic
At the risk of delving into stereotypes, which I generally don't think much of, and usually to stay away from, there was some truth to the idea that Volvos have traditionally appealed to schoolteachers, professors, librarians, pastors (in fact, my own pastor drives an XC70), left-wing environmentalists (why, I don't know, because Volvos aren't that frugal with gas), and safety-bureaucrats. The advent of the front-drive and sportier Volvos, in the 1990s, started to change that, but a lot of it is still true. That's one reason why the sport-Volvo R line didn't work out well in the U.S.
Recently I've only known 2 people that own Volvos, none are listed above.
Volvos IMO are mediocre cars (even though I've always had access to insider discounts), not to mention they don't satisfy my requirements for performance, luxury, reliability, style.
09-01-09, 01:07 PM
#15
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