Geely aims for initial Volvo deal in Feb -source

BEIJING, Jan 26 (BestGrowthStock) – The parent of China’s Geely
Automobile (0175.HK: ) aims to sign a preliminary agreement to buy
Ford’s (F.N: ) Volvo unit next month, with an aim to making the
brand break even by next year, a company source said on Tuesday.

As part of its plan to turn around loss-making Volvo,
Zhejiang-based Geely plans to produce 300,000 Volvo brand cars
per year in its Beijing factory, according to the source who
declined to be named due to the sensitivity of the issue.

The source said the deal to acquire Volvo was expected to
close around May, following signing of the initial agreement next
month.

Investing Research

(Reporting by Huang Yuntao, Michael Wei and Simon Rabinovitch;
Editing by Jacqueline Wong)

Geely aims for initial Volvo deal in Feb -source