Volvo goes to China
Ford Motor Company has sold Volvo to Geely, a Chinese automaker. Volvo had been losing money for quite some time, officially put on the market by Ford in 2008. Geely took Volvo for $1.8 billion. Ford bought Volvo in 1999 for $6.8 billion, so the deal represents a significant loss. Ford hopes to focus on their core brands.
Volvo has not turned a profit since 2005.
Volvo will give Geely a foothold in the European market.