Volvo union's figure not dependable, Geely exec says

• Source: Global Times
• [14:20 March 12 2010]
• Comments

A senior executive at Zhejiang Geely Holding Group says the figure released by Volvo union officials and board members is not dependable, responding to media report which said Geely needed spend at least $1.4 billion to revive the Ford's unit.

"It was just a number from the Volvo union, not from the management layer," said the executive. "I am sure that Geely doesn't lack the money (to buy Volvo)."

Geely has reportedly secured funds to buy Ford-owned Volvo for about 15 billion Swedish crowns ($2.1 billion). Chinese media have predicted Geely will sign the deal on March 31 at the latest.

Agencies and Shi Jierui contributed to this story