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When did Geely buy Volvo?
I thought Volvo was a Swedish company, but I just learned it was bought by a Chinese automaker. When did Geely buy Volvo?
Sarah Williams · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You are correct! Although Volvo was originally a Swedish car company, it was purchased by the Geely Holding Group on the 28th of March, 2010.
The Geely Holding Group is one of the fastest-growing automakers in China, and it purchased 100% of the Volvo Car Corporation from the
Ford Motor Company
. The sale was made for 1.8 billion USD and was China’s most significant purchase of a foreign car maker. After the sale, Volvo Cars kept its headquarters and manufacturing sites in Belgium and Sweden, with management taking place in China.
Before the sale, Ford Motors was facing a financial crisis as a result of its 2009 “cash for clunkers” experiment. The program was intended to motivate drivers to trade in their gas guzzlers for more fuel-efficient options.
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- Gregory R.
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