As we have read in the previous reports, Ford initially denied Volvo’s sale, however, it has been confirmed that Chinese automaker Geely is Volvo’s official buyer, outbidding the fellow Chinese car companies like the Beijing Auto, Chongqing Changan Automobile Co., and Dongfeng Motor Group, and even the European constellation.

According the Shenzhen News in China, unnamed yet reliable sources inside the Chinese government have leaked that Geely has written and signed the purchase letter for Volvo. Geely and Ford are still going over the final details of the purchase, emphasizing on the turnover of the technology, the brand’s existing marketing strategies and positioning, layoffs, and Geely’s plan to kick off Volvo’s production in a brand new factory in Guangdong Province.

According to the ongoing deal, the first Chinese Volvo’s full design will be designed solely by Geely—the new-generation XC90to come out in 2011. Moreover, Geely will invest almost $10 billion to help build and strength the brand.

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