Ford completes sale of Volvo to China's Geely

Ford has finally shed itself of all its foreign brands, closing the sale of Volvo to Chinese automaker Geely for $1.8 billion.

Li Shufu is now chairman of Volvo. He's the founder and chairman of Geely, and started his career refrigerator and refrigerator parts manufacturing business, moving to the car industry in 1997.

The move to sell Volvo was part of CEO Alan Mulally's strategy to focus on Ford's core brand, the cars and trucks with the blue oval emblem. The automaker is also hanging on to Lincoln.

Read Full Article from USA Today

- Posted: 2010-08-02 09:49:31

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