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 () (, ), a subsidiary of Geely, is listed on the Hong Kong Stock Exchange. On 13 February 2017, it became a constituent of the Hang Seng Index. Geely () means "auspicious" or "lucky" in Mandarin Chinese. Founding Geely in 1986 as a refrigerator maker with money borrowed from family, Li Shufu transformed the company into a success selling inexpensive products to Chinese consumers. After the purchase of a failing, state-run firm, Geely manufactured motorcycles in the mid-1990s. Small van production began in 1998, and a year later, it received state approval to manufacture automobiles. Car production began in 2002.