Volvo
Geely secures financing worth US$ 2.1 billion for Volvo deal
Geely, the Chinese company which is set to take over struggling Volvo from Ford has secured financing for the purchase. The financing is said to be worth US$ 2.1 billion but the source of the sum was not disclosed. With this Geely is likely to seal the acquisition by end of this month.
Reports are also suggesting the Geely will maintain Volvo’s production hub in Sweden however some are saying the the Chinese company will shift production to China. If this happens about 16,000 workers in Sweden may lose their jobs. As for setting up production in China, a 300,000-unit production is expected annually. This number is almost double Volvo’s current output worldwide.
Volvo reveals new 203hp 2.0 liter GTDi powerplant
Volvo which will soon be under China’s Geely has launched a new 2.0 liter engine. The 2.0 liter GDTi is a force inducted motor with direct injection. It makes 203hp and a good 300Nm of torque that can be achieved between 1,750 and 4,000 revs. Sounds pretty good!
The engine will soon make its way into the S80, V70 estate as well as into the XC60 SUV and it will be offered with the company’s 6-speed automatic and the 6-speed manual. The engine when mated to the manual cog box allows the S80 to hit 100 km/h in 7.9 seconds and offer a 7.9 liter per 100 km fuel rating.
Geely to pay US$ 1.8 billion for Volvo?
According to a report by Trading Markets, China-based Geely will have to part with US$ 1.8 billion on February 8th in order to take over Volvo from Ford. At the same time rumors are circulating that Ford may let the Swedish brand go for as low as US$ 1.6 billion. Ford first took over Volvo in 1996 for a sum of US$ 6.45 billion. More information should be revealed once we enter the second month of the year.
Volvo reveals more of the 2011 S60 with a new video
Following the release of two official images of the brand new S60, Volvo has just unveiled a video of it that gives us better angles including shots of the rear. Unfortunately the company is still being tight-lipped about the vehicle’s interior. The S60 will make its world debut at the 2010 Geneva Motor Show happening in March and will be offered with features like that Pedestrian Detection which can detect pedestrians in front of the car and brake automatically if the driver does not react in time.
The new S60, which is pretty good looking if you ask me is expected to go into production in early summer at the company’s plant in Ghent, Belgium. Its current owner Ford has also announced that the Swedish company will be sold to China’s Geely. Geely’s boss also assured that Volvo will be managed independently. Meanwhile continue reading to catch the 1 minute 4 second-long video. Read the rest of this entry.
Nothing will change in Volvo – Geely chairman assures
Here is some good news for Volvo enthusiasts out there. According to the Xinhua news agency, Geely’s founder and chairman Li Shufu assured that nothing will change in Volvo if the Chinese company successfully takes over the Swedish brand from Ford.
The big boss revealed that both Geely and Volvo will be independently managed and insisted that nothing will change in regards to Volvo’s production, research and development facilities.
He also said that Geely could help Volvo reduce its production costs, indicating a possible production switch to China. Lets hope that Shufu keeps his word as we don’t need to see a butchered brand. What Volkswagen is doing with other brands under its umbrella should be used as an example.
Ford recently confirmed that it will sell the Volvo brand to China’s Zhejiang Geely Holding Group and that it plans for the deal to be signed in the first quarter of 2010 and a full completion is expected to occur by the second quarter of the year. The deal is rumored to be worth US$1.8 billion, much lower compared to the US$6.45 billion price tag Ford paid for in 1999.
Volvo to be sold to Geely, deal to be signed in early 2010
Ford has announced that it will sell the Volvo brand to China’s Zhejiang Geely Holding Group and that it expects the deal to be signed in the first quarter of 2010 and a full completion is expected to occur by the second quarter of the year.
Ford revealed that all of the deal’s key commercial terms have been resolved but work still needs to be done before the sale can be completed.
Such work include securing funds, from Geely’s end. The company reiterated that it will continue to focus on its core brand and it will still cooperate with the Swedish brand after the sale but maintained that it is not interested in taking up a stake in Volvo.
Volvo’s sale to Geely moving smoothly
Reuters has reported that both Ford and Chinese company Geely have addressed most of the big issues in the negotiations regarding the sale of Volvo to Geely. The report also revealed that both parties may release statements later today on the progress of the negotiations. An unnamed source also said that the sale is expected to be closed by early next year.
The sale is said to be worth up to US$ 1.8 billion and it would be the largest acquisition of a foreign automaker by a Chinese company. Last month Ford revealed that it has reached an agreement with Geely regarding the intellectual property (IP) rights involving Volvo, something that was a key stumbling block in the acquisition process. We will bring you the latest updates regarding the matter, stay tuned!
Volvo to present the C30 electric vehicle in Detroit: with Video!
Major auto manufacturers will flock to Detroit next month for its annual auto show and Volvo will join the fun with an all electric C30. The auto maker will build up to 50 units of the electric C30’s and all units will be part of a test campaign where select few will be driving the C30 during a two-year trial period.
Just like BMW’s project i, engineers at Volvo will able to obtain valuable data and use it when developing the production version. The zero emissions C30 is powered by an electric motor that can output 111hp. The motor is linked to a lithium-ion battery pack that can be recharged via a household power outlet where a full charge will take eight hours. 0 – 100 km/h takes slightly less than 11 seconds and top speed is figured at 130 km/h.
Volvo claims that the electric C30 can deliver a driving range of up to 150 kilometers that apparently covers the daily transport needs of more than 90% of all motorists in Europe.
On the inside, the ‘green’ C30 features new instruments where the gauges and graphics are different compared to the conventional C30. The panel’s main displays include speed and energy consumption. Look for an image gallery as well as a video after the jump! Read the rest of this entry.
