(AP) - Ford Motor Co. said Wednesday it is close to selling its loss-making Volvo unit to China's Geely and expects a final deal in the first quarter of 2010.
Ford said in a statement that "all substantive commercial terms relating to the potential sale of Volvo Car Corporation have been settled." Ford chose Geely as the preferred bidder for Volvo in October.
Ford acquired Volvo in 1999 for $6.45 billion. It has wanted to unload the Swedish carmaker since last year to raise cash and focus its efforts on three core brands: Ford, Lincoln and Mercury.
For 10 years Ford and Volvo have shared safety and other technology. For instance, Ford's Taurus sedan is based on Volvo underpinnings. Any agreement with Geely is expected to include details about sharing intellectual property rights and engineering.
