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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World China's Geely to put $900 million more into Volvo By BONNIE CAO,AP Business Writer - Wednesday, March 31 Send IM Story Print BEIJING – Chinese automaker Zhejiang Geely Holding Group expects to spend hundreds of millions of dollars beyond the $1.8 billion purchase price for Volvo Cars to make the Swedish car company profitable, Geely's chairman said Tuesday. Geely is projecting a total tab of $2.7 billion for its takeover of Volvo, with money beyond the purchase price to be spent on expanding production, chairman Li Shufu told reporters. Li said three quarters of the total financing would come from Chinese banks and overseas capital markets while the rest would come from Geely. In studying Volvo, Geely found the company's biggest problem was high research and development costs despite the fact that it makes cars on a much smaller scale than high-end rivals Daimler AG and BMW AG, said Li. "We will find a way to let Volvo's technology play a better role and to expand their scale in order to lower the costs," said Li. He did not elaborate. Geely's acquisition of Volvo from Ford Motor Co. has been heralded as a breakthrough deal for China's auto industry, giving one of its most ambitious automakers a well-known, prestigious global brand and access to top-tier technology. Li said Geely would not seek to impose its own corporate culture on Volvo but rather find ways to let the Swedish company exploit its strengths. "Geely is Geely; Volvo is Volvo. Geely will not produce Volvo, and Volvo will not produce Geely," Li said. He compared Geely's and Volvo's relationship to two brothers, not to a father and son. As part of the deal, Volvo brings with it ownership of critical technologies and other intellectual property, including some that was developed under Ford's ownership, said Zhao Fuquan, Geely's chief technology officer. Zhao said Geely will have the right to use many of these technologies, though he did not say if they would be used on Geely branded models. Volvo's labor unions, initially critical of the deal, ultimately backed the acquisition, said Li. Geely, meaning Lucky in Chinese, has been looking for a critical edge in China, which is the world's biggest auto market and one in which foreign brands often dominate. At the same time Geely has coveted a solid foothold in Europe. Geely was earlier rumored to have been bidding for Opel and Saab. Geely's push abroad comes as the Chinese government has been encouraging companies to "go out" and take advantage of the global financial downturns. But earlier this year, Tengzhong Zhonggong, a heavy industrial equipment maker in southwestern China, failed to win government approval to buy the Hummer brand from General Motors Co. Recommend Send IM Story Print Related Articles Dollar rises above 93 yen for first time since Jan Reuters - 55 minutes ago Philadelphia publisher's lenders appeal bid ruling Reuters - 55 minutes ago UAE bourses open on Wednesday - sources Reuters - 56 minutes ago Chrysler on track for breakeven operations in 2010 Reuters - 57 minutes ago GLOBAL MARKETS-Stocks, dollar up on signs of strengthening U.S. Reuters - 57 minutes ago News Search Top Stories Atom smasher achieves 'Big Bang' collisions Elephants move like 4x4s: scientists Britain emerges from recession with new growth upgrade Australia reveals prototype 'bionic' eye Latin pop icon Ricky Martin tells fans he is gay More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Latin pop icon Ricky Martin tells fans he is gay Greece five-billion-euro bond release meets timid demand Junkies and junk-food addicts share craving mechanism Toyota global sales up 13% in February IMF foresees rapid US growth More Most Viewed » 'Rare' fossil of new dinosaur species found in US 'Britain's Fritzl' raped daughters for over 25yrs Hollywood stars help prevent suicide after Twitter alert Prince Philip in strip club gaffe More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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