Geely officially owns Volvo

MICHIGAN // After a decade under the control of Ford, Volvo is now officially owned by China's Geely car company, following the appointment of a new board and Geely taking delivery of Volvo's assets last week. AFP reported that Geely paid $1.5 billion (Dh5.5 billion) for Volvo, less than a quarter of what the US auto giant paid for the Swedish car company in 1999. Known for its family-friendly and safe cars, Volvo "will remain true to its core values of safety, quality, environmental care and modern Scandinavian design as it strengthens the existing European and North American markets and expands its presence in China and other emerging markets," Geely Group chairman Li Shufu said in a statement. "After the takeover, Geely remains Geely and Volvo is still Volvo," Li continued. "The relationship between the two companies is brotherhood and not a parent-and-child relationship." Volvo will keep its headquarters and plants in Sweden and Belgium; management will retain autonomy under a board headed by Li. German Stefan Jacoby, formerly the head of Volkswagen in America, is Volvo's new president and chief executive.