China's Chery Auto Group Considers Buying Volvo

China's rapidly expanding Chery auto group is considering a bid to buy Swedish-based Volvo from Ford Motor, state media said on Monday.

The Caijing business magazine quoted sources as saying that Chery has not yet reached any agreement or applied for permission from the government of Anhui, the company's home province.

It said Jin Yibo, an assistant to Chery's chief executive, had ruled out the possibility of buying Volvo, but other sources told the magazine that Chery had already contacted banks and private equity firms about financial backing for a possible acquisition.

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MercedesBenz00Z - 7/7/2008 3:34:16 PM

0 Boost

pfffffffffffft bye bye Volvo

I hope Chery is gonna buy GM and Ford too. That's the only way to save them and the US economy!

Go go China :D pfffft

MercedesBenz00Z - 7/7/2008 5:31:25 PM

0 Boost

Who the hell deboosted this? Seriously, I am saying this for the U.S. economy. Since the US government is useless, only China can save it :)

Agent63 - 7/7/2008 9:03:34 PM

+2 Boost

I hope they can say Volvo. I like the new S80 model, got to love Scandinavian luxury. I just hope Chery doesn't interfere in their operations and just fund their projects.

truckmen - 7/7/2008 3:43:05 PM

+4 Boost

For Ford's sake lets hope that that they keep Volvo. I am almost certain that PML produced the hybrid for volvo, that is probably why that rich guy invested lots of money into ford, he owns 20% of Ford. So in other words ford will be finished if Cherry buys Volvo.

ThierryHenry14 - 7/7/2008 5:21:29 PM

+4 Boost

Lets see if they do... I hope they do...

MercedesBenz00Z - 7/7/2008 5:31:52 PM

-1 Boost

Ya, I really hope they do.

motor1 - 7/7/2008 8:04:35 PM

0 Boost

Chery group probably can't afford it because they are too busy building other rip-off cars

MadibaP - 7/8/2008 2:15:41 AM

+4 Boost

Buy Chrysler? I would not take it if you paid me!

truckmen - 7/8/2008 5:29:27 AM

+1 Boost

Volvo is going to release a great hybrid soon that is almost cutting edge! Volvo did make a hybrid with PML but the cruising range was nothing like PML's mini cooper, that only proves that there is a conspiracy with the gas companies as to not allow anything too economical on gas.

bfghemicuda - 7/9/2008 5:52:22 PM

+1 Boost

Stop the crap about Cerberus chopping up Chrysler. Chrysler was fine until Diamler spent the cash Chrysler had to buy Freightliner, Stearling,Detroit desel, etc. Diamler wanted tech that chrysler developed and the cash. When they got what they wanted they sold chrysler like a cheap watch. Im more pissed at Chrysler for letting it happen. You cant just sell pieces of chrysler because like any other car company, the divisions all work together not buy themselves. Chrysler has been through a lot of crap and always bounces back. When Cerberus makes the profitt it wants they won't want Chrysler any more. I hope Chrysler does so well they can buy Cerberus, Diamler, and Toyota. Long live Chrysler, GM and Ford

bfghemicuda - 7/9/2008 5:58:14 PM

+1 Boost

And buy the way, It was Chryslers money that was invested to get the quality back at Mercedes.

Bored - 7/8/2008 12:07:42 AM

+1 Boost

All you need to confirm your concerns:

http://www.autospies.com/news/WOW-Truly-Frightening-Chinese-Chery-Crash-Test-18720/

pushrod27 - 7/8/2008 3:23:07 AM

+1 Boost

That's terrible news for Volvo. I kind like Volvos, too. I got a new 2008 V70 wagon at the rental counter a few weeks ago, and it was really nice. I was surprised at how plush and luxurious the interior was. I was actually considering buying one.
I hate Ford, but i would never in a million years buy, operate, or ride in an automobile that a Chinese company had anything to do with.
Once they hook up with a Chinese outfit, Volvo's reputation for safety will be dead. That niche is Volvo's bread and butter.

dodgedart - 7/11/2008 2:05:28 AM

+1 Boost

someone should save volvo before ford implodes