Ford said today that it has reached an agreement to sell Volvo Cars to Chinese automaker Geely for about $1.8 billion by the 30th of September.
Geely Chairman Li Shufu, CEO Stephen Odell, Volvo Cars President, and Ford CFO Lewis Booth made the announcement at a Gothenburg, Sweden event at Volvo's headquarters.
"We at Ford believe that given Volvo's solid foundation, plus the commitment of Geely … that Volvo can continue to build its business and continue to profitability,” Booth said.
Booth also said Ford will continue to cooperate with Volvo Cars in several areas in order to ensure a smooth transition. Ford will not retain any ownership of Volvo.
The sale is expected to close before September 30.