Volvo will be sold to Geely

Chinese Vice President Xi Jinping will arrive this weekend in Sweden to discuss with representatives of the North-European state the final details related to crossing Volvo in the portfolio of the Chinese manufacturer Geely.

If the business will be closed, buying the brand Volvo will become the largest car deal in China’s history, total costs reaching two billion dollars.

Volvo representatives confirmed the visit of the Chinese State man, sources inside of the North manufacturer announced that the deal will be officially announced in a ceremony which will take place on Sunday.

Zhejiang Geely, announced that Volvo’s main target will be achieving profit by 2011 by building new factories in China and by doubling the annual production.

Currently, the only barriers to a deal between Ford and Geely about sale Volvo are the protests of the Volvo union workers in Sweden, who are frustrated that until now have not received any information regarding the Volvo needs in post-sale period, the number and name of the investors behind the deal and the company’s management.