geely holding group

Zhejiang Geely Holding Group signed a binding deal Sunday to buy Ford Motor Co.'s Volvo Cars unit for $1.8 billion, representing a coup for the independent Chinese automaker which is aiming to expand in Europe.

Zhejiang Geely Holding Group signed a binding deal Sunday to buy Ford Motor Co.'s Volvo Cars unit for $1.8 billion

Zhejiang Geely Holding Group signed a binding deal Sunday to buy Ford Motor Co.'s Volvo Cars unit for $1.8 billion, allowing the independent Chinese automaker to expand its foothold in Europe.

• Ford (NYSE: F) has agreed on intellectually property rights with Geely Holding Group on the company's bid for Swedish luxury carmaker Volvo, according to reports.
  
  The move would clear one more hurdle that faced the Chinese company's attempt to spread into the international auto market as Geely is looking to move its brand from economical cars to more upscale products.
  
  Geely is looking to buy the Volvo brand outright from the U.S. automaker.