Car Moon

For better or for worse, Ford Motor Company has finalized a deal to sell Volvo Cars and related assists (primarily intellectual property) to Chinese automaker Zhejiang Geely Holding Group Company Limited for US$1.8 billion (€1.35 billion at today's exchange rates).

The Detroit company said that the transaction will be made in the form of a note in the amount of US$200 million and the remainder in cash.

It's worth noting that Geely has acquired Volvo at a fraction of what Ford paid for the Swedish automaker at $6.5 billion in 1999.

Ford said that even though Geely owns 100 percent of Volvo, due to the fact that the Swedish automaker's cars share core components and technologies with its own vehicles, it will continue to supply the company with powertrains, stampings and other vehicle components for an undefined period.