- BEIJING: Chinese automaker Zhejiang Geely Holding Group expects to spend hundreds of millions of dollars beyond the $1.8 billion purchase price for Volvo Cars to make the Swedish car company profitable, Geely chairman Li Shufu told reporters he is projecting a total bill of $2.7 billion for its takeover of Volvo, with money beyond the purchase price to be spent on expanding production.
Li said half of the total cost would be financed from overseas and half from within China, divided between Chinese banks and Geely itself.
The acquisition has been heralded as breakthrough deal for China's aspiring automakers, giving Geely a well-known, prestigious global brand and access to top-tier technology.