China car maker snaps up Volvo | News | Al Jazeera

China car maker snaps up Volvo

Domestic car firm Geely looks to leapfrog competition by going global.

    A growing middle class in China has increased the demand for cars in the world's most populous country.

    China has several home-grown automakers, but most lack the quality or safety records of more established foreign brands.

    In an effort to leapfrog the competition, Geely, one of China's largest carmakers, has bought a majority share in the Swedish car firm Volvo for what analysts say is the bargain price of just under $2bn.

    Al Jazeera's Divya Gopalan reports.

    SOURCE: Al Jazeera


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