Ford finally sold off its unprofitable unit. The independent Chinese car manufacturer Zhejiang Geely Holding Group paid $1.8bn (?1.2bn) to buy the American firm's subsidiary.
The sale represents a major loss for Ford, which paid $6.45bn (?4.3bn) for the Swedish car maker in 1999 and has been looking for a buyer since late 2008.
Geely said it aims to keep Volvo's existing manufacturing facilities in Sweden and Belgium, but will explore manufacturing opportunities in China.
Volvo Cars will remain separate from Geely's other operations, with its own Sweden-based management team and a new board of directors.
The deal also covers further agreements on intellectual property rights, supply, and research and development arrangements between Volvo Cars, Geely and Ford. (Source: David Williams, Sky News Online, Mar 29, 2010).