Who Bought Out Volvo?
- Useful Tips
- 6 February 2018
- Author: Nikolas Perseputto
Traditional Swedish auto brand Volvo Cars has been a valuable asset of Zhejiang Geely Holding Group from China who bought Volvo car company in 2010. It was the biggest foreign contract signed by Chinese 10th in the list auto corporation. Geely has always been demonstrating strong ambition for entering the European auto market. By purchasing the luxury brand from Sweden it has certainly strengthened its presence and solved several crucial technology issues.
Geely bought Volvo from Ford as the American automaker was unable to keep the power on it because of financial troubles the company has been still fighting. Volvo brand has always been NUMBER ONE IN ACTIVE SAFETY. And Geely, on the contrary, has always been criticized for the lack or no reliable safety system in-built in its cars. Besides, the brand who bought Volvo automatically gives it high-end boosting in promotion and innovations. Thus, Geely has improved its karma record tremendously.
Recently the Chinese company has started declaring acquisition of a stake in AB Volvo, the Swedish truck maker. If the deal is realized, it can crown the Chinese Geely as the biggest current shareholder. Chinese corporations are moving West despite of the national government restrictions settled on them. But Geely proves to develop industries strategical to the country. This can provide it the green light on the recent and upcoming deals.