Volvo's new Chinese boss denies rumors about Shanghai plant
A Chinese manufacturing base for Volvo cars has not yet been decided upon, despite rumors that the plant will be located in Shanghai, said Li Shufu, chairman of Zhejiang Geely Holding group, which acquired the luxury brand last month.
After Geely signed a deal worth 1.8 billion U.S. dollars with Ford Motor Co. to acquire the U.S. auto giant's Volvo car unit on March 28, 2010, there were many assumptions about where Volvo's plant in China will be established. Recently a media agency in Beijing reported that the headquarters of the Volvo project will be in Shanghai.
A reporter from Wenhui Daily contacted Geely Chairman Li Shufu, and he said that it is just speculation by the media.
"I don't even know where the plant will be, how could they tell?" Li said.
Li said there will be a Volvo project headquarters and production base in China but exactly where it will be located will not be determined until after all the legal formalities are finalized.
