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News from the Automotive World
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Josiah Jenkins
Dec 24, 2009, 9:25:31 AM12/24/09
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The latest in a string of Asian investments in American car makers.
Ford, who paid $6.4 billion in 1999 for Volvo Cars,
(which gained market share during the third quarter)
is to sell the marque to Chinese group Zhejiang Geely.
Ford is expected to get between $1.8 billion and $2 billion
from the sale to offset against their total automotive debt
of $23.8 billion (as of September 30th)
General Motors, which only emerged from bankruptcy in September
after receiving $60 billion in taxpayer assistance, has revealed it
has off-loaded technology from its Saab 9-3 and 9-5 models to Beijing
Automotive Industry Holding Company (BAIH) and is selling its
Hummer brand to construction machinery maker Sichuan Tengzhong
Heavy Industrial Machinery Corporation.
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