Mr. Li Shufu County, founder and chairman of Zhejiang Geely Group shares, the parent company of Geely car company, said the production line, parts of research and development, alliance agreements with distribution network Volvo’s distribution will remain as the state owned by Ford Motor corporation.

                              Volvo will retain the status of the Geely.

 
“If an agreement (with Ford Motor) is successful, nothing will change for Volvo. Volvo and Geely will work with two separate board of directors,” Li Shufu County told the agency official Xinhua news agency.

In the last week, the U.S. car maker Ford announced that it completed an agreement about selling Volvo brand to Geely, the car company of China’s largest business, a business to help them integrate more deeply with industry production cars worldwide.

The value of the contract, which Ford hopes to be signed in the first quarter and completed a second quarter in 2010, is estimated at 1.8 billion dollars, far less number of 6.45 billion dollars to Ford spend to buy a Volvo in 1999.

Mr. Li said talks on properties of complex intellectual property issues, rather than the value of the contract, he said business will buy Volvo Geely has more engine technology, in contrast Geely help Volvo cut production costs and expand market share in China.

“Vehicles equipped with advanced engines will be the future of the automobile industry in the world. If only based on investment in research and development as now, China will be hard to catch up with industrialized countries development, “Li said in a speech in English.

This year, China passed the U.S. market became the world’s largest car, with car sales booming as the government launched a series of stimulus package to support the economy in the context of world recession .

However, it is still a gap between the technology is quite clear the domestic automobile production in China compared to foreign competitors, so the Chinese companies are striving to enlist international take The world automobile industry is restructuring, in order to search technology and innovative design.

Beijing Automotive Industry Holding, a competitor in the country of Geely, also announced Wednesday, made a campaign to raise the total power Brand, after acquisition of the General Motors brand Saab.