Stockholm, December 23: Luxury small car giant, Ford Motor Co, has decided to sell out its loss-making Volvo unit.
The company has said that Volvo’s deal is almost final with China’s Geely and it is expected to be done in the first quarter of 2010.
Ford said that all the commercial terms and conditions have been finalized with the Geely and company will prefer Chinese auto major for Volvo bidder.
The company further said that the government approvals will be completed by the end of first quarter in 2010.
However, Ford didn’t reveal the amount of deal with Geely.
—Agencies