China's Geely will own Volvo technology
BEIJING (AFP) - Chinese auto group Geely said Friday it has reached an agreement with US auto giant Ford on intellectual property rights in its bid for Volvo Cars.
Zhejiang Geely Holding Group said it will own the intellectual property rights to Volvo's key technologies, including those related to safety and the environment, through its purchase of the loss-making auto maker, Dow Jones Newswires reported.
Ford said in October it had tapped Geely as the preferred bidder for its Volvo Cars nameplate and would step up negotiations with a consortium led by the Chinese automaker.
Volvo Cars, based in Sweden and losing money, produced about 400,000 vehicles last year under the ownership of US auto giant Ford
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