Fleets have been reassured that Ford’s decision to sell Volvo to the Chinese carmaker Zhejiang Geely in a deal reported to be worth between £1.12bn and £1.25bn will not affect new vehicle supplies or the dealer network.

“From an operational view there will be no break in service,” said a Volvo spokesman. “We will have a different holding company, but operationally nothing changes, it is business as usual.”

Ford confirmed that it is likely to sell its entire shareholding of Volvo by June, subject to regulatory approval, but would continue to cooperate with the company post-sale.

Volvo production will continue in Europe as well as beginning in China.