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
Geely CK is driven by government officials and police and also available to rental car fleets. The specification includes power windows and air conditioning. Still, they have a reputation for being unreliable and many drivers thus prefer the older, Russian-built vehicles. The CK is based on a South Korean design by Daewoo, Tower Metal, Wooshin Systems, and CES, which Geely licensed. Its 1.5 L engine is a Toyota Motor Corporation design, also licensed. It produces 94 hp (70 kW) at 6000 rpm. The 4 speed automatic transmission is built in China, the first to be manufactured there. In 2008, the facelifted CK