While General Motors is yet to complete the sale of one of its previously proposed sell-offs (Opel, HUMMER and SAAB), its neighbourhood rival Ford Motor Company has just announced the sale of its Volvo division. In 2008 the Blue Oval got rid of Jaguar and Land Rover to the delight of new owner Tata. Prior to that it sold off Aston Martin to a British consortium.
Volvo Cars will be taken over by Chinese automaker Geely for the estimated sum of US$1.8 billion (R13.6 billion). Ford does not plan on keeping any part of Volvo for itself, meaning Geely takes 100% ownership. However the two companies will cooperate on certain issues.