Geely completes acquisition of Volvo

Carmaker Geely Holdings Group has completed the acquisition of Ford Motor's Volvo unit for $1.8 billion after the deal won approval from regulators in China, the US and the European Union.

At a handover ceremony held in London, Ford delivered all of its Volvo assets to Chinese Geely Holdings Group.

Li Shufu, Chairman of Geely Group and Volvo Car Corporation told official Chinese news agency Xinhua that his aim is to restore Volvo to a leading position in the global luxury auto market.

"After the takeover, Geely remains Geely and Volvo is still Volvo. The relationship between the two companies is brotherhood and not a parent-and-child relationship," Li said.

"Volvo should enjoy a much better position in the global market given its quality, technology, research and development abilities and its brand value," he added.

He said Volvo will remain headquartered in Gothenburg, Sweden, with management having autonomy to execute its own business plan.

As part of its business plans, Li said, Volvo will strengthen its presence in Europe and North America while also taking advantage of growth opportunities in China.

Geely has also announced the appointment of six members to the Volvo board, including Stefan Jacoby, President and Chief Executive of the new Volvo Car Corporation.

Li Shufu has been appointed chairman of the new board and Hans-Olov Olsson has been appointed vice chairman.