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 Yuanjing Geely Yuanjing The Geely Yuanjing sedan is a compact sedan produced by Chinese automaker Geely under the Yuanjing or Vision product series. It is the first commercial car produced by Geely Automobiles. The car was first introduced in 2006. It carries the first CVVT engine designed and made in China. The car was named Geely Tiger, Biaowang and Luhu, but it later renamed "Vision" (远景,Yuǎn jǐng). Geely Yuanjing went on sale on May 18, 2007 after being adjusted by Magna Steyr. Geely Haijing (Englon Haijing) was based on SMA Haijing, which designed similar to first generation Geely Yuanjing. It carries