Baku – APA-economics. Ford Motor Co. reached an agreement yesterday to sell its Volvo subsidiary to a Chinese conglomerate, in the clearest confirmation yet of China’s global ambitions in the auto industry, Fort Wayne Journal Gazette reported.
Zhejiang Geely Holding Group, based in Hangzhou, agreed to pay $1.8 billion for Volvo, with $1.6 billion in cash and the rest in a note payable to Ford.
Zhejiang Geely’s majority-owned automotive subsidiary, Geely Automobile Holdings, is China’s 12th-largest automaker, based on production so far this year. But it is China’s second-largest automaker, after BYD Group, that is not at least partly state-owned.
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Infrastructure
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