Chinese business magnate and Chairman of Zhejiang Geely Holding Group, Li Shufu recently acquired Swedish auto brand Volvo from Ford Motors. The company has now made an official statement that Geely and Volvo business operations will remain completely separate. This statement helps to save Volvo’s brand image as being one of the safest and better quality auto manufacturers.
“Volvo comes from Northern Europe and is rooted in Sweden. Volvo will not be Volvo any more if taken out of the soil,” said Geely chairman Li Shufu. “Profit will only emerge if we expand the business scale, thus making costs per vehicle lower.” Thus, he also confirmed that Volvo’s headquarters will remain rooted to its original soil and its manufacturing plants will also remain at the same location. Shufu also stated that Volvo will continue to work as an equal company to Geely rather than Geely acting as a parent company to Volvo’s business operations.
Geely will be purchasing Volvo for $1.8 billion from Ford, in addition to another $900 million cash injection planned for the Swedish automaker.
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