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.

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“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.

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