HONG KONG, Dec 31 (Reuters) - Geely, China's No.1 private carmaker, sees robust growth for China's auto industry in 2010, on strong domestic demand and government subsidies, a top Geely executive said on Thursday.
Last week, Ford Motor Co said it was nearing an agreement to sell its Volvo unit to Zhejiang Geely Holding Group, in a deal that underscores China's arrival as a major force in the global auto industry.
At a shareholder meeting in Hong Kong on New Year's Eve, Gui Shengyue, chief executive of Geely Auto, said he believed Zhejiang Geely Holding Group, parent of Geely Auto, had financial support for the acquisition of Volvo.
The value of the deal, which Ford said it expected to sign in the first quarter and close in the second quarter of 2010, has been estimated at $1.8 billion -- far short of the $6.45 billion Ford paid for Volvo in 1999.
((Reporting by Joanne Chiu; Editing by Chris Lewis))
((george.chen@reuters.com; +852 2843 6532; Reuters Messaging: george.chen.reuters.com@reuters.net)) Keywords: GEELY CHINA/SALES (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Last week, Ford Motor Co said it was nearing an agreement to sell its Volvo unit to Zhejiang Geely Holding Group, in a deal that underscores China's arrival as a major force in the global auto industry.
At a shareholder meeting in Hong Kong on New Year's Eve, Gui Shengyue, chief executive of Geely Auto, said he believed Zhejiang Geely Holding Group, parent of Geely Auto, had financial support for the acquisition of Volvo.
The value of the deal, which Ford said it expected to sign in the first quarter and close in the second quarter of 2010, has been estimated at $1.8 billion -- far short of the $6.45 billion Ford paid for Volvo in 1999.
((Reporting by Joanne Chiu; Editing by Chris Lewis))
((george.chen@reuters.com; +852 2843 6532; Reuters Messaging: george.chen.reuters.com@reuters.net)) Keywords: GEELY CHINA/SALES (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.