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Volvo is officially sold to China's Geely

After having sold the British Aston Martin, Jaguar and Land Rover brands, behold, Ford announced that it is the turn of the Swedish Volvo to find a buyer.

Thus, after much procrastination and a letter of agreement, the Chinese company Geely finally acquired Volvo for a whopping $ 1.8 billion pennies American. And that Ford had paid $ 6.4 billion to take control of the Swedish brand in 1999.

Worldwide, Volvo employs more than 22,000 workers, including 16,000 in Sweden.

Since 2007, Volvo has seen sales decline by nearly 130,000 units. So much so that the Chinese Geely, the new purchaser is about to join with 300,000 vehicles sold in 2009.

In all probability, the definitive takeover should take place somewhere in the second quarter of 2010.

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