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Thread: This Volvo is Chery!

  1. 8th March 2009, 08:06 AM #1
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    This Volvo is Chery!

    from Autoblog---

    REPORT: Chinese government approves of Chery's bid to purchase Volvo



    If, like us, you've been following the Volvo saga 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 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.
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  2. 8th March 2009, 09:14 AM #2
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    Captain_Rightfoot
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    I've been following this. Sometimes this can work out ok for the acquired brand. If I was the Swedes though, I'd be letting Saab go and have a Government acquisition of Volvo.
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  3. 8th March 2009, 09:52 AM #3
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    Funny thing is that according to friends that have been to Sweden a bit for business, they mostly drive Saab's there and not Volvo's, which are mostly exported
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  4. 8th March 2009, 03:33 PM #4
    clean32
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    Quote Originally Posted by Captain_Rightfoot View Post
    I've been following this. Sometimes this can work out ok for the acquired brand. If I was the Swedes though, I'd be letting Saab go and have a Government acquisition of Volvo.
    isint SAAB now owend by GM ?
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  5. 8th March 2009, 07:02 PM #5
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    Quote Originally Posted by clean32 View Post
    isint SAAB now owend by GM ?
    Yes, and GM are cutting it adrift wether they sell it or not and the Swedish govt has stated in the last week they will not save it if a buyer isn't found.
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  6. 8th March 2009, 07:32 PM #6
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    I guess it's a bit like the airline masks dropping when you have two children in the isle. Decide which one you love most! I think Volvo is in the best position thanks to much good work from Ford. GM have owned Saab for a number of years, but have had them on life support. They need a lot of new model investment to go forward.
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