In a joint press conference in Stockholm on Sunday (March 28), Zhejiang Geely Holding Group, China’s largest private-run carmaker, and Ford Motor Co. announced an agreement for Geely to the purchase of Ford?s Volvo unit.
The $1.8 billion purchase price will allow more operating capital for Ford to concentrate on its core brands. The sale also represents the disposal of the last brand in Ford’s former Premier Automotive Group, which also included Aston Martin, Jaguar and Land Rover.

Geely said they plan to keep the brand and operations — including Volvo’s headquarters, production facility and research center — in Sweden.

Geely chairman Li Shufu said they are already planning a factory in Beijing which will make 300,000 Volvo branded cars, or as many Volvos for China as are now made abroad for foreigners.

The deal is expected to be closed in the third quarter of this year.