Atlanta (CNN) -- Chinese carmaker Zhejiang Geely Holding Group has purchased Volvo cars from U.S. auto giant Ford, the Swedish carmaker announced Sunday.
"We are pleased to have reached this agreement with Ford, enabling us to safeguard and strengthen Volvo's renowned brand heritage," said Geely chairman Li Shufu.
"This transaction will ensure Volvo's continued leadership in the premium sector, where it enjoys a global reputation for safety and environmental-friendly technologies.
"Volvo will be a separate company with its own management team based in Gothenburg, Sweden."
He added Geely will help Volvo to realize its potential in the Chinese market.
"The agreement provides a solid foundation for Volvo to continue to build its business under Geely's ownership," said Alan Mulally, Ford's president and CEO, in a statement on the company's Web site.
"The sale of Volvo will allow us to further sharpen our focus on building the Ford brand around the world and continue to deliver on our One Ford plan serving our customers with the very best cars and trucks in the world."
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.99%||4.02%|
|15 yr fixed||3.18%||3.16%|
|30 yr refi||4.01%||4.07%|
|15 yr refi||3.20%||3.19%|
Today's featured rates:
Walmart has agreed to pay $7.5 million to settle a suit that alleged the chain discriminated against gay employees. More
Increased health coverage through Obamacare and greater use of health care services accounted for the nearly 6% rise of national health spending in 2015, which approached $10,000 per person. More
Hackers have stolen 2 billion rubles -- equivalent to $31 million -- from accounts that banks keep at Russia's central bank. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
Credit card issuers are competing intensely for your business, and they're willing to pay for it. More