Volvo ... from Sweden to the US to China

Friday, 25 December 2009 01:31

US AUTO giant Ford says it has agreed on the main terms for selling its Swedish brand Volvo cars to Chinese car maker Geely, a deal set to underline China's growing economic clout.

The accord marks the first major inroad by a Chinese company into Europe's car industry and would give Volvo access to China, now the biggest car market in the world after the economic crisis hit sales in the United States.

News of a Chinese owner for Volvo was received cautiously in Sweden, where the brand was launched in 1927 and has 16,000 employees.

Full article from The Australian.