Geely, Ford agree on Volvo sale

Ford says it has agreed to sell subbrand Volvo to Chinese car-maker Geely. Both sides have agreed on all the commercial terms in what is now a preliminary deal due to be signed in the first quarter of 2010.

This agreement will enable Volvo which has suffered big losses in the financial crisis to expand its sales network especially in China. While leaving Ford to concentrate on boosting sales for its key brands.