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12-23-2009, 04:37 AM
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#1 | | I contribute to threads in the offtopic forum
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| Volvo is now Chinese
From now on, Volvo is now no longer a Swedish/American automaker but a Chinese one. How times have changed.. http://news.bbc.co.uk/2/hi/business/8428066.stm Quote:
Ford agrees Volvo sale to Geely
Volvo has been for sale for months
Ford has agreed the terms of the sale of its Swedish business, Volvo Cars, to China's Geely.
In a statement Ford said "while some work still remains to be completed...[they] anticipate a definitive sale agreement in the first quarter".
Ford put Volvo up for sale a year ago to help pay off its debt and make its business more focused.
Geely was named preferred bidder in November. If completed, it will be the largest purchase by a Chinese car firm.
Ford said that while the "substantive commercial terms" had been settled, financing still needed to be completed and government approval was also necessary.
It is thought that this update on the sale will help Geely secure the financial backing it needs.
No details were given of how much the deal is worth, but it is widely rumoured that Geely will pay Ford $2bn (£1.2bn; 1.4bn euros), less than a third of the $6.45bn Ford paid for Volvo in 1999.
Ford said it expects to continue co-operating with Volvo Cars, but did not intend to retain a shareholding in the business after the sale.
Benefits for all
Industry observers say the sale is good news for Volvo.
"In theory, the Chinese market could be an opportunity for Volvo," Nomura's auto specialist Michael Tyndall said.
"It's a well-known brand, has a good heritage and a range of products that should appeal to the Chinese consumer."
Equally, the deal should help Geely get into the Western market.
It is thought that the main sticking point in the talks between Ford and Geely had been disagreement about how to deal with intellectual property rights - setting the parameters of Geely's use of Volvo's technology, such as its famous safety equipment, and the extent and cost of using any technology needed from Ford's research.
Moving to China
Professor David Bailey from the Coventry Business School said that he expects much of the Volvo production to be moved to China, which recently overtook the US to become the world's largest market for cars.
"I would expect development and research to remain in Sweden, and maybe some production, but the big scale production will probably come from China," he said.
"In the long run the question is whether they can continue to develop Volvo's safety profile and advanced engineering technology" he added.
Geely said that Volvo would continue to lead the trend of world auto technology in safety and environmental protection.
"It will quickly increase its unique competitive status in the Chinese market," the firm added.
VOLVO
First Volvo made in 1927
Bought by Ford in 1999
Employs 20,000 worldwide
In 2008 sales fell 18.3% to 374,297
GEELY
Founded in 1986
Started as refrigerator parts supplier
Employs 12,000
Production capacity of 300,000 cars a year
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Last edited by slammer111; 12-23-2009 at 06:45 AM.
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12-23-2009, 05:41 AM
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#2 | | I only answer to my username, my real name is Irrelevant!
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GEELY?!!
$2 billion rumored sale price??!! What a STEAL!!
Now... will Volvo up GEELY's quality to at least a standard level or will Geely drag Volvo down to sub-standard :/
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12-23-2009, 09:24 AM
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#3 | | ninja edits your posts without your knowledge
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| Quote:
Originally Posted by StylinRed  GEELY?!!
$2 billion rumored sale price??!! What a STEAL!!
Now... will Volvo up GEELY's quality to at least a standard level or will Geely drag Volvo down to sub-standard :/ | Hoping for the former but most likely the latter.
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12-23-2009, 09:25 AM
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#4 | | RS.net, helping ugly ppl have sex since 2001
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GG
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12-23-2009, 09:57 AM
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#5 | | I answer every Emotion with an emoticon
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lol, I'm sure Geely will benefit from Volvo technologies. Old schooler may still "presume" Volvos are the safest car in the wrold
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12-23-2009, 10:09 AM
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#6 | | RS has made me the bitter person i am today!
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GEE GEEE GEEE ly
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12-23-2009, 10:21 AM
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#7 | | racing & tech mod.
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| Quote:
Originally Posted by StylinRed GEELY?!!
$2 billion rumored sale price??!! What a STEAL!!
Now... will Volvo up GEELY's quality to at least a standard level or will Geely drag Volvo down to sub-standard :/ | considering ford paid 6.5 bill, yea, 2 bill is a steal.
however, i don't know what's left at volvo's in house development offices that ford hasn't already pilfered for itself. (both in patents and personnel)
it might not be a good deal if there's nothing left of value at volvo..
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12-23-2009, 10:24 AM
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#8 | | Ubereem Mod
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will geely now survive a crash now?
Smeone post those videos up with the build job of geely.
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12-23-2009, 11:11 AM
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#9 | | Revscene.net has a homepage?!
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so what do you get with a Geely and a Volvo?
A: an icebox
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12-23-2009, 11:22 AM
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#10 | | I *heart* Revscene.net very Muchie
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fuk i knew i shoulda bougt into geely
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12-23-2009, 12:32 PM
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#11 | | Marcosexual Fan Club, CEO
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Big mistake for Ford. Geely just got all of the IP to build cars that can pass crash tests in N.America/Europe thus allowing them entry into this market. Good luck competing with a Chinese automaker, Ford!
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12-23-2009, 12:49 PM
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#12 | | I contribute to threads in the offtopic forum
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^ Nothing wrong with a little competition if you ask me. Maybe Ford was desperate to unload a money-losing division, but in any case I don't think Geely will be a threat for at least a decade.  And don't forget the millions of American rednecks who will still buy domestics (especially pickup trucks) only.
Chinese automakers have a HUGE uphill battle ahead of them. Think of them now as crappier versions of Kia and Hyundai in the 80s.  | |
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12-23-2009, 01:12 PM
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#13 | | Banned (BBM)
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time to stop buying
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12-23-2009, 02:01 PM
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#14 | | Unofficial Tin Foil Hat Specialist.
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This is a good move for Geely. Volvo has a lot of patents to many safety features. This should help, if not boost Geely's image in the near future. I wouldn't be surprised if Geely made a fantastic car within a decade.
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12-23-2009, 02:12 PM
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#15 | | "They call me Bowser...RawR!"
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It took Japanese cars about 40 years to get to where they are today. I expect the Chinese to do the same in at least half the time. In the late 60's and 70's, Japanese cars were considered junk and people thought they wouldn't catch on. It wasn't until the fuel crisis that people gave them a chance.
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12-23-2009, 02:20 PM
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#16 | | Unofficial Tin Foil Hat Specialist.
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^ It's getting faster and faster. I would assume within a decade.
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12-23-2009, 02:46 PM
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#17 | | I WANT MY 10 YEARS BACK FROM RS.net!
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| Quote:
Originally Posted by !LittleDragon It took Japanese cars about 40 years to get to where they are today. I expect the Chinese to do the same in at least half the time. In the late 60's and 70's, Japanese cars were considered junk and people thought they wouldn't catch on. It wasn't until the fuel crisis that people gave them a chance. | I don't know about that...as far as I know, none of Chinese car manufactures participate in car races.
F1, LeMans 24, Daytona, CART, NASCAR, WRC, nothing..
I wonder if they truly have passion with cars or just interested in making money.
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12-23-2009, 03:03 PM
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#18 | | RS.net, helping ugly ppl have sex since 2001
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Last I heard all Japanese car makers are starting to pull out of international auto racing.
Auto racing doesn't make any money or create positive image in today's society where tree huggers set the rules.
__________________ ⇐ If I bothered replying, that's the face I made while I typed.
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12-23-2009, 03:04 PM
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#19 | | Willing to sell body for a few minutes on RS
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oh no..
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12-23-2009, 08:07 PM
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#20 | | racing & tech mod.
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| Quote:
Originally Posted by Marco911 Big mistake for Ford. Geely just got all of the IP to build cars that can pass crash tests in N.America/Europe thus allowing them entry into this market. Good luck competing with a Chinese automaker, Ford! | there is more to it than just passing crash tests.
also, we have no idea what the terms of the agreement are, and what's actually left of volvo beyond the physical factories and labourers. Who know what patents and technologies remain with Volvo for Geely to use.. and how dated they may be.
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12-23-2009, 08:24 PM
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#21 | | I subscribe to the Fight Club ONLY
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Will a Volvo still be considered a safe car?
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12-23-2009, 08:36 PM
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#22 | | I have named my kids VIC and VLS
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| Quote:
Originally Posted by Marco911 Big mistake for Ford. Geely just got all of the IP to build cars that can pass crash tests in N.America/Europe thus allowing them entry into this market. Good luck competing with a Chinese automaker, Ford! | yea, these chinese companies who aquire n/a automakers are getting a HUGE boost, like you said you buy them and you have the technology/know how to make better cars automatically
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12-23-2009, 08:51 PM
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#23 | | Certified Troll: Access Removed
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lol i go tell my friend about this
he owns 2 volvos
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12-23-2009, 09:19 PM
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#24 | | Certified Troll: Access Removed
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first it was Hummer, now Volvo, what's next?
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12-23-2009, 09:40 PM
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#25 | | Wunder? Wonder?? Wander???
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GM joins China, now China buys Volvo? Now all they need is alberta's oil sands and China will rule the world...HaHaHaHa!!
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