Car scandals come true, Volvo and Saab become "Chinese"

Car scandals come true, Volvo and Saab become "Chinese"

On December 23, Geely and Beiqi were close to completing and completing the acquisitions of Swedish Volvo and Saab. Although the two acquisition methods are different, they have laid a solid foundation for Chinese auto companies to enter the international market.

Geely confirms acquisition of Volvo by Mingchun

Geely's acquisition of Volvo made significant progress on Christmas Eve. On December 23, the two parties issued a statement respectively. Geely and Ford reached agreement on all important commercial terms of the Volvo project. Geely expects to sign an equity acquisition agreement with Ford in the first quarter of 2010 This quarter is expected to complete all transactions.

It is reported that Ford Motor Co., Ltd. is expected to sign an equity acquisition agreement with Geely in the first quarter of 2010; after obtaining approval from relevant regulatory agencies, the transaction is expected to be completed in the second quarter.

No barriers to acquisition

Geely said that there are no obstacles to the acquisition, and it is currently waiting for policy coordination and approval by the two governments. It is understood that Geely had a series of constructive meetings with Volvo management, trade union representatives, and government officials in Sweden and Belgium, where Volvo ’s main factories are located.

Transaction amount remains confidential

What is the price of Geely acquiring Volvo? As of now, Geely and Ford have not disclosed the transaction price, and some sources said the transaction price is close to 2 billion US dollars. Ford spent $ 6.45 billion when it acquired Volvo in 1999. Regardless of the final purchase price, about 2 billion US dollars is definitely not a small amount for Geely Automobile. It is reported that Geely has received support from Chinese banks and will obtain funding sources from the three banks.

The factory may be settled in Beijing

After Geely completes the acquisition of Ford Motor Company's Volvo division, Geely will establish a Volvo plant in China, and it is likely to build the plant in Beijing. Earlier news said that the Geely Volvo Base will be located in the Yizhuang Development Zone in Beijing, and the Beijing Municipal Government and Geely will jointly invest $ 1.9 billion. In this regard, relevant sources said that it has not yet been finalized, and some specific details are still under discussion between the two parties.

Volvo brand runs independently

Geely's successful bid, Volvo will maintain full independence under the leadership of an independent management team, the headquarters is still set up in Gothenburg, Sweden, and Volvo's current factory, research and development center, union agreement and dealer network will be retained. According to relevant sources, after Geely acquired Volvo, Geely and Volvo are still two brands, Geely is Geely, and Volvo is Volvo. Geely will have two sets of management teams to serve different consumer groups.

BAIC bought Saab Technology for $ 200 million

On December 23, Beijing officially signed a contract with the Swedish Saab Automobile Company. The two parties jointly announced that they have completed the purchase of intellectual property rights related to Saab. BAIC Motor successfully acquired the relevant intellectual property rights of the Swedish Saab Automobile Company for $ 200 million.

Through this acquisition, BAIC obtained a complete quality and manufacturing process system from Saab, including the intellectual property rights of three vehicle platforms, three vehicle models, two engine series, four main engines, and two gearboxes; 9- 3 Sedan sports sedan, 9-5 sedan, 9-5 sports sedan; technical documents for intellectual property transactions (complete vehicle design specifications, component subsystem design specifications, test verification methods and verification specifications, analysis methods ); Manufacturing process; supplier management system.

With the acquisition of Saab technology, BAIC will fully digest Saab's vehicle platform and engine technology, and strive to develop vehicle models, build a production base and build a powertrain plant in the next three years to develop 3-4 cars and 2 -3 turbocharged engines covering various segments of mid- to high-end cars and becoming a strong competitor in this market.

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