Zhejiang Geely Holding Group (Geely) has completed the acquisition of 100% of Volvo Cars from Ford Motor Company.
Geely also announced that Stefan Jacoby, the chief executive of Volkswagen Group of America, would become president and chief executive officer of Volvo Cars.
Geely chairman Li Shufu said: "This is a historic day for Geely, which is extremely proud to have acquired Volvo Cars. 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."
Jacoby added: "I am honoured to join a company with the prestige and growth potential of Volvo. Our employees, suppliers, dealers and above all our customers can be confident that Volvo will preserve its special status as the industry leader in vehicle safety and innovation even as it pursues new market opportunities."
Following completion of the transaction, Jacoby will join the board of Volvo Cars, chaired by Li Shufu, chairman of Geely Holding Group. The board will comprise several new directors including Hans-Olov Olsson, a former president and chief executive of Volvo Cars and a former chief marketing officer of Ford, who will become vice-chairman of the board.
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