Premier Automotive Group preferred buyer of Volvo Cars by Ford. On 23 December 2009, Ford confirmed that all substantive commercial terms for the sale to Geely had been settled. Geely signed a deal with Ford to acquire Volvo Cars for $1.8 billion on 28 March 2010 and closed the deal on 2 August 2010. <ref name="www.ford.com/about-ford/news-announcements"></ref> Premier Automotive Group The Premier Automotive Group (PAG) was an organizational division within the Ford Motor Company formed in 1999 to oversee the business operations of Ford's high-end automotive marques. The PAG was gradually dismantled from 2006 to 2010 with the divestiture of its constituent brands. The
Geely CK Geely CK The Geely CK is a 4-door, 5-seater subcompact sedan produced by the Chinese manufacturer Geely from May 2005 to January 2016. The CK's Chinese name, "Ziyoujian", stands for "Freedom Ship" or "Free Cruiser". It was sold as the Geely Otaka on the Russian market in 2007-2008. Nowadays the car is sold as the Gleagle CK in the Chinese domestic market, part of Geely's recent proliferation of brands The CK holds the distinction of being the first Chinese automobile ever displayed at an American auto show, although it was only shown to the press and not the general public.