Geely To Get Hands On Juicy Volvo Technology
IP squad, to the front! SinoCast, relying on information from a “top executive of Geely Automobile Holdings Ltd.” says that Geely will buy 100 percent of Volvo, “including the ownership of existing technologies in the fields of safety and environmental protection, as well as technologies of new car models.”
Before, it was reported that Ford could hold back some sensitive technology, namely new environmental and safety gear. Nothing doing, says Geely. Also, Geely seeks to get their hands on advanced hybrid and electric car technologies jointly developed by Volvo and Vattenfall.
Sinocast’s top executive at Geely says that Geely will acquire Volvo’s lock, stock, and barrel, including plants of complete cars and components, R&D centers, warehouses, production equipment, tangible and intangible assets, the works.
The price tag is said be between $1.5b and $2b. The deal is supposed to close before May 2010. Recently, Chinese media said that Geely will most likely move their headquarters from Hangzhou to Beijing and build a new factory in China’s capital, that will nearly double the Swedish brand’s annual global output to 300,000 cars. Sinocast’s top exec did not want to confirm that story.
Comments
Join the conversation
I went around the Volvo boards this morning. Nothing. No outrage; nothing. Maybe all the hardcores from the RWD days have moved on, or... passed away. Maybe they believe nothing has changed. One thing I did notice is that the Volvo base is much more fragmented than the SAAB one. Colin Powell?
Hell, this might even improve the breed. The company doesn't make a single car that I'd be interested in, not a one, and I like Volvo's conservative styling.
Well, at least the Brunhilda hips these cars have been growing may trim down to Oriental size (not racist... I think).
Now that Ford's doing better, why not cancel the sale?