This week, the CEO of Ford Motor Company declared that the European business arm of Ford, the pioneers Volvo, is going to the Chinese company, Geely Automobiles.
Geely was interested in investing in Europe for a long time, but they could not get a change to exploit their interests, probably due to their controversial models of the cars that they have made, as they are 90% or more , copies of the famous brands like Mercedes, BMW and Honda.
Ford announced that they are making the deal just above $ 2 billion , which is a heavy loss to their investment that they had done in 1999, when they purchased Volvo more than 3 times its current value.
Geely on the other hand is very happy as they have formally entered the European market, which they couldn't because of their controversial cars models line up. "This is a significant boost to the Chinese Automobile industry, and our presence in Europe", said a senior official of Geely Automobiles.
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