Geely, the Chinese car manufacturer, has completed its acquisition of Volvo from the Ford Motor Company.

The deal, which was first announced in March, saw Geely pay $1.8 billion for the Swedish car maker, which will retain its headquarters and manufacturing facilities in Sweden and Belgium. Ford will also continue to supply components to Volvo, including engines. Geely chairman Li Shufu will take on the top job at Volvo too.

“This famous Swedish premium brand will remain true to its core values of safety, quality, environmental care and modern Scandinavian design as it strengthens the existing European and North American markets and expands its presence in China and other emerging markets.”

Source: Telegraph.co.uk