Some final documentation, financing and government approvals are the only thing holding back Fords sale of Volvo to major automaker Geely Holding Group, which would make Volvo the first major automaker to become Chinese owned. Ford expects the formal signing of the sales documents will take place in the first quarter of 2010 with the deal being closed in the second quarter.

Ford will continue to work with Volvo Cars “in several areas” after the sale but will have no financial interest in Volvo. The sale would ensure Volvo has the resources and capital necessary to strengthen the business and build its global franchise. Ford will focus on and implement its core ONE Ford strategy meaning they will return to the traditional Ford, Lincoln and Mercury brands.