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 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