Last month we reported that Ford is looking likely to sell off Volvo, and that certain Chinese brands are reportedly interested in adding the prestigious European badge to their portfolio.
Today news has come in that the Chinese government has approved Chery?s bid to take the Swedish automaker off Ford?s hands.
However, government approval or not, Chery may not be in a position to win any battle to buy Volvo.
Ford is believed to be aiming to recover as much as possible of the US$6.45billion it originally paid for Volvo. But with just about every automaker struggling with cash flow and profitability problems, whether any - Chery included - can dig up the cash Ford is looking for is open to question.
Chery is one of the fastest growing automotive manufacturers in the world, and the largest independent Chinese automaker.
It was scheduled to begin selling cars in the United States in 2007, but financial concerns and disagreements have so far halted the company?s introduction there.
In March 2009, Ateco ? Australian distributor for Alfa Romeo, Citroen, Fiat, Maserati and Ferrari ? signed a distribution deal with Chery Automobiles. No new details have surfaced in the time since.