OK, so it wasn't one car but the entire company as Ford announced today that it has completed the sale of Volvo to the the Zhejiang Geely Holding Group Company Limited for $1.8 billion.
According to the terms of the agreement Geely paid $1.3 billion in cash today as the company had already included a $200 million note at the start of the sale.
How big of a suitcase do you suppose you'd need for $1.3 billion is cash? Perhaps something the size of a railway car?
But we joke.
“Volvo is an excellent brand with a strong product line, and it has returned to profits after a successful restructuring. We are confident Volvo has a solid future under Geely’s ownership,” said Alan Mulally, Ford’s president and CEO. “At the same time, the sale of Volvo will allow us to sharpen our focus on the Ford brand around the world and continue to deliver on our One Ford plan serving our customers with the very best cars and trucks in the world.”
In the meantime Ford will continue to provide Geely everything from powertrains to stamping systems.
Stephan Jacoby, who used to be with Volkswagen, will take over the helm of Volvo as the new President and Chief Executive of Volvo Cars and the company will retain it's European headquarters.
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