Ford Motor Company's exit from luxury car brands is nearly complete.
The sale of Volvo Car Corp. to the parent company of Chinese automaker Geely is expected to close by June of 2010, more than three years after Ford began to dismantle its premium auto group which once included Jaguar, Land Rover and Aston Martin.
Ford said today it has settled on “all substantive commercial terms” terms to sell Swedish automaker Volvo Car Corp. Zhejiang Geely Holding Group Co., pending a final agreement early next year followed by regulatory approval by the second quarter. Ford said it “does not intend to retain a shareholding” in Volvo.
No financial details were disclosed, however Down Jones Newswires reported Geely will finance a bid valued around $2 billion.
Aston Martin, the sports car brand favored in many of the James Bond films was sold by Ford in March of 2007 to a consortium of private companies for $925 million.
British luxury car brands Jaguar and Land Rover were sold to India-based Tata Motors in March of 2008 for $2.3 billion.
Ford is in the midst of trying to regain its financial footing. In November, the company turned its first profit since 2008.
Ford CEO Alan Mulally said last month he anticipates the company will “move from break-even or better to solid profitability” by 2011.