China"s Zhejiang Geely Holding Group signed...
According to the news agency, Ford has been attempting to sell Volvo since late 2008, due to its poor market performance.
The deal was signed at the headquarters of Volvo Sweden"s second largest city in Goteborg.
"China, the largest car market in the world, will become Volvo"s second home market. Volvo will be uniquely-positioned as a world-leading premium brand, tapping into the opportunities in the fast-growing China market," Li Yizhong, China"s minister of industry and information technology, who attended the ceremony, was quoted by the news agency as saying.
Ford"s Chief Financial Officer Lewis Booth said the agreement provided a solid foundation for Volvo to continue building its business under Geely"s ownership, Xinhua reported.
Li was quoted as saying Geely intended to preserve Volvo Cars" existing manufacturing facilities in Sweden and Belgium and explore opportunities to manufacture Volvo cars in China for the local market.