Short News

Ford and Geely agree to terms on Volvo sale - plans to get deal done in early 2010

The U.S. automaker and Detroit-based car manufacturer Ford Motor Co. announced today expects to sign a deal to sell the Swedish brand Volvo to China's Zhejiang Geely Holding Group by the first quarter of 2010 and close the deal in the second quarter. It is not known yet how this deal will affect the Volvo dealerships in Egypt and the Middle East, but regional automotive experts expect changes in the Middle Eastern and Egyptian Volvo dealer-ships. It is worth mentioning that the Egyptian Volvo dealer-ships was just awarded a few days ago to the Ezz El Arab group, which is the importer of Citroen, Proton and Great Wall in Egypt. In addition to that Ezz El Arab is also authorized distributor of BMW, Chrysler and Dodge.

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