SWEDISH CAR brand Volvo, put up for sale by its parent company Ford and likely to be bought by a Chinese bidder Geely, will retain the rights for its licenced technologies.
A Geely spokesman said Volvo will retain its manufacturing and research facilities along with its dealership network and its agreements with the labour union. Above all, Volvo can strengthen its sales network in China and continue to develop low-emission cars.
The Wall Street Journal said earlier in the month Geely would build a new Volvo plant in China capable of making 300,000 vehicles a year.
Volvo could sell one million cars a year globally within four or five years, compared with recent annual sales of about 400,000 vehicles, the newspaper said.