Ford Motor Co. announced Monday that it has completed the sale of its Swedish unit Volvo to the Chinese automotive group Zheijang Geely Holding, reported dpa. The sale was completed when Geely transferred the remaining sum of 1.3 billion dollars in cash to the Dearborn, Michigan-based Ford. "We are confident Volvo has a solid future under Geely's ownership," said Ford president and chief executive officer Alan Mulally. "At the same time, the sale of Volvo will allow us to sharpen our focus on the Ford brand around the world and continue to deliver on our One Ford plan serving our customers with the very best cars and trucks in the world," he added in a statement. Ford and Geely originally came to terms on the Volvo sale in March with a total purchase price put at 1.8 billion dollars. In the acquisition, Geely has agreed to invest further in Volvo. Ford is to continue delivering components to the Swedish carmaker. The sale continues Ford's drive to focus on its own brand-name products, having previously divested itself of Jaguar and Land Rover.
