Update :
A Volvo spokesperson contacted us to say: "An announcement related to the sale of Volvo Car Corp. would only come from Ford Motor Company. As of today, neither Ford Motor Company nor Volvo Car Corporation in Sweden has made any announcement regarding the sale of Volvo. Reports of such a sale by any media outlet are speculative and, therefore, are not accurate."
Our original story on this rumor is below:
The UPI reports, "Geely Automobile Holdings in China has agreed to a tentative deal to purchase Volvo Cars from Ford Motor Co." The report cites a story in the Chinese-language China Daily newspaper. Volvo spokeswoman Maria Bohlin told reporters, "Ford is in charge of the sale. We don't know anything here."
Motor Trend adds, "The report says that Geely will invest US$10 billion in building the Volvo brand both in China and abroad. The first model to be built under Geely's watch will reportedly be the new 2011 XC90." That vehicle might become the first Chinese-built car to hit the U.S. market. "Volvo will reportedly move a production line to the Chinese city of Dongguan in the Guangdong Province."
Jalopnik, however, doubts the reports, noting that all news of the sale so far has been based on reports in the Chinese media, with no confirmation from Ford. "We're highly skeptical but maybe they know something we don't."
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