Volvo is remaining tight-lipped surrounding speculation that Zhejiang Geely Holding could complete its purchase of the Swedish automaker from Ford today (2 August).

Reports have emerged that Geely chairman Li Shufu and Ford chief financial officer Lewis Booth are in London today to ink the deal that could formally transfer Volvo to the Chinese operation for around US$1.8bn.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Discover B2B Marketing That Performs

Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.

Find out more

“We have seen there is some speculation the deal would be closed but that communication is up to Geely and Ford,” a Volvo spokesman in Sweden told just-auto.

Zhejiang Geely has said it aims to sell 150,000 Volvo cars annually in China by 2015.

The company plans to assemble the Volvo XC60 locally by the end of 2010, followed by the S60 model in 2011.

The S40 and S80 models, currently assembled by Changan Ford-Mazda, could also be transferred to a new plant.

Geely could not immediately be reached for comment.

Just Auto Excellence Awards - Nominations Closed

Nominations are now closed for the Just Auto Technology Excellence Awards. A big thanks to all the organisations that entered – your response has been outstanding, showcasing exceptional innovation, leadership, and impact.

Excellence in Action
Continental has secured the Window Displays Innovation Award in the 2025 Just Auto Excellence Awards for its Window Projection solution, transforming side windows into dynamic, data-rich canvases. Discover how this compact projection technology and intelligent software are reshaping in-car UX and opening fresh revenue streams for OEMs and mobility providers.

Discover the Impact