Geely set to take over Volvo?

According to media reports emerging from China, Geely has reached an agreement to buy Volvo Cars from Ford Motor Company.

Citing a Chinese government source, reports say that Geely plans to start production of a new Volvo car in China's Guangzhou province, and is prepared to invest up to US$10 billion in Volvo's global operations.

Volvo however, has denied such reports. "An announcement related to the sale of Volvo Car Corp. would only come from Ford Motor Company," it said in a statement. "As of today, neither Ford Motor Company nor Volvo Car Corporation in Sweden has made any announcement regarding the sale of Volvo. Reports of such a sale by any media outlet are speculative and, therefore, are not accurate."