Geely Automobile Holdings has reached a preliminary agreement with Ford Motor Co to purchase its Volvo unit and plans to produce a new Volvo model in Guangzhou Province, according to media reports Wednesday.
The Geely acquisition, following that of another firm's earlier bid to purchase a foreign brand, is yet another opportunity for domestic car makers to expand into the global market.
China's Sichuan Tengzhong Heavy Industrial Machinery Co announced recently it was to acquire Ge...