Ford announced today that it has completed the sale of its Volvo car unit to China’s Zhejiang Geely Holding Group for $1.8 billion. Also, Geely announced that Stefan Jacoby, CEO of Volkswagen Group of America, will be the new CEO of Volvo Cars.
Volvo sale follows the sale of Aston Martin back in 2007, and of Jaguar and Land Rover to India’s Tata Motors Ltd. in 2008 and according to Ford CEO Alan Mulally this was part of the strategy of the American manufacturer of exiting European luxury brands to focus on the core Ford brand.
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