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There is a new Government Motors in the world and this one is in Sweden, with Chinese ownership. But when I say Government Motors, it's not what you might think. Let's start at the beginning. Sunday, China's Geely Holding Group signed an agreement to buy Volvo from Ford Motor. Geely will pay Ford $1.78-billion (U.S.) in cash and another $200-million in a note to get full control of Volvo, including its intellectual property. (Note: Ford paid $6.4-billion for Volvo a decade ago.) Now here's the Government Motors piece: As MIT professor Simon Johnson notes on the Huffington Post, investment bank...

<p>Zhejiang Geely Holding Group signed a binding deal yesterday 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.</p> <p>The stock-purchase agreement is subject to regulatory approvals and is expected to be completed in the third quarter, reps of the two automakers said as they presented the deal at a news conference at Volvo Cars headquarters in Goteborg, Sweden.</p>

After meeting all of Ford’s sale terms, it looks like Chinese car company Geely will be purchasing Volvo from the Blue Oval next year. While some work still remains to be completed before signing – including final documentation, financing and government approvals

DETROIT, Mich., Jan 9 /Xinhua-PRNewswire/ -- Mr. Shufu Li, Chairman of the Geely Automobile Company, of Hangzhou, China, announced today in Detroit that Geely is ''... on track to enter the United States automobile market in the year 2008. Our goal is to present to the American people another choice for the family sedan, a vehicle that possesses the highest quality but is available at the lowest price,'' said Mr. Li. Geely is the first domestic automobile manufacturer from China to participate in the annual Detroit Auto Show, organized and conducted by the Detroit Automobile Dealers Association. Each year the...