Geely has not yet finalised a Chinese manufacturing base for its Volvo base according to Shanghai-based reports.

Earlier indications had suggested the newly-acquired Volvo headquarters cold be based in the the Jiading district of Shanghai, but Chinese media says this is still in flux.

Zhejiang Geely Holding paid Ford US$1.8bn recently for Volvo in the largest overseas acquisition by a Chinese carmaker, launching Geely into a market dominated by Audi, Mercedes-Benz and BMW.

Speculation concerning where Volvo's Chinese headquarters would be situated, has centred on the Shanghai Industrial Zone, with manufacturing plants potentially in the Jiading district and Heilongjiang province's Daqing City.

Geely previously said it would spend US$2.7bn on the takeover - the original price tag plus $900m in working capital -- to turn around loss-making Volvo Cars.

Geely also noted earlier it plans to keep Volvo manufacturing plants in Sweden and Belgium and is considering opening factories in China.