Chinese owners say Volvo will remain Swedish

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2010-08-04

Chinese car maker Geely Holdings has formally completed the deal to buy Sweden's Volvo Cars.

The Swedish brand, which was sold to Geely by US auto giant Ford, the former owner, will keep its headquarters in Sweden.

It board will be headed by Geely Group chairman Li Shufu.

Mr Li has been quoted as saying that Volvo will retain its core values of safety, quality, environmental care and modern Scandinavian design.

He said: "It is still Volvo. The relationship between the two companies is brotherhood and not a parent-and-child relationship."

Geely has spent $2.7 billion on the deal.

Source: Europe News.Net

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