Chinese car manufacturer Geely has completed its purchase of Volvo. From the New York Times:
The Chinese carmaker Zhejiang Geely Holding Group said Monday that it had completed the purchase of Volvo Car Corp. from Ford Motor and named a chief to lead it.
Li Shufu, chairman of Geely Holding, said the completion of the deal — the first time a Chinese carmaker has acquired 100 percent of a foreign rival — was a “historic day.” He vowed that Volvo, based in Sweden, would push to expand market share around the world while keeping to the characteristics, like a focus on safety, that have defined it.
Geely also tapped Stefan Jacoby, the head of Volkswagen of America, to be president and chief executive of Volvo. Mr. Jacoby will join the board of Volvo in August and conduct a strategic review to determine the scope and strategy of the company.
Volvo will remain based in Sweden and keep factories in Belgium.