Volvo Cars investing HK$2.59 billion (334 million USD) in the holding company. Ford Motor Company offered Volvo Cars for sale in December 2008, after suffering losses that year. On 28 October 2009, Ford confirmed that, after considering several offers, the preferred buyer of Volvo Cars was Zhejiang Geely Holding Group, the parent of Chinese motor manufacturer Geely Automobile. On 23 December 2009, Ford confirmed the terms of the sale to Geely had been settled. A definitive agreement was signed on 28 March 2010, for $1.8 billion. The European Commission and China's Ministry of Commerce approved the deal on 6 and 29 July
Automotive industry in China (SASAC). It has foreign joint ventures with Hyundai and Mercedes-Benz. Other notable Chinese automotive manufacturers include: GAC (Guangzhou Automobile Group), ia a Chinese state-owned automobile manufacturer headquartered in Guangzhou. They were the sixth biggest manufacturer in 2017, manufacturing over 2 million vehicles in 2017. GAC sells passenger cars under the Trumpchi brand. In China, they are more known for their foreign joint-venture with Fiat, Honda, Isuzu, Mitsubishi, and Toyota. Geely, is the biggest privately-owned automobile manufacturer and seventh biggest manufacturer overall in China. Their flagship brand Geely Auto became the top Chinese car brand in 2017. Currently one of the