Pedro_The_Swift
8th March 2009, 08:06 AM
from Autoblog---
REPORT: Chinese government approves of Chery's bid to purchase Volvo (http://www.autoblog.com/2009/03/06/report-chinese-government-approves-of-cherys-bid-to-purchase-v/)
https://www.aulro.com/afvb/images/imported/2009/03/1177.jpg (http://www.gasgoo.com/auto-news/1009554/Chery-Auto-given-greenlight-to-buy-Volvo-brand.html)If, like us, you've been following the Volvo saga (http://www.autoblog.com/category/volvo/) pretty closely, you'll remember that several Chinese companies are considered to be among the top bidders for the Swedish automaker when Ford officially opens the bidding. Although Geely (http://www.autoblog.com/2009/02/05/report-geely-denies-plans-to-buy-volvo/) has said they aren't interested, that didn't rule out other Chinese outfits.
Well, today we have word via Chinese news reports that Chery, for one, has been given the greenlight to enter the Volvo lottery by the Chinese government. Other interested parties are rumored to be Dongfeng Motor Group and Chongqing Changan Automobile Co, along with a "European constellation," whatever that means.
Ford is looking to recoup the bulk of its initial $6.45 billion investment when it sells Volvo, so that might put it out of Chery's league. But who knows? Chery Auto just got a 10 billion yuan ($1.47 billion) loan to help it grow globally and was also given a line of credit by the bank, so only time will tell.
REPORT: Chinese government approves of Chery's bid to purchase Volvo (http://www.autoblog.com/2009/03/06/report-chinese-government-approves-of-cherys-bid-to-purchase-v/)
https://www.aulro.com/afvb/images/imported/2009/03/1177.jpg (http://www.gasgoo.com/auto-news/1009554/Chery-Auto-given-greenlight-to-buy-Volvo-brand.html)If, like us, you've been following the Volvo saga (http://www.autoblog.com/category/volvo/) pretty closely, you'll remember that several Chinese companies are considered to be among the top bidders for the Swedish automaker when Ford officially opens the bidding. Although Geely (http://www.autoblog.com/2009/02/05/report-geely-denies-plans-to-buy-volvo/) has said they aren't interested, that didn't rule out other Chinese outfits.
Well, today we have word via Chinese news reports that Chery, for one, has been given the greenlight to enter the Volvo lottery by the Chinese government. Other interested parties are rumored to be Dongfeng Motor Group and Chongqing Changan Automobile Co, along with a "European constellation," whatever that means.
Ford is looking to recoup the bulk of its initial $6.45 billion investment when it sells Volvo, so that might put it out of Chery's league. But who knows? Chery Auto just got a 10 billion yuan ($1.47 billion) loan to help it grow globally and was also given a line of credit by the bank, so only time will tell.