China's Geely Completes Takeover of Volvo from Ford

Chinese carmaker Zhejiang Geely Holding Group Co. (simply known as Geely) completed the purchase of Volvo Cars from Ford Motor Co. on Monday. According to Ford, Geely paid $1.3 billion in cash today and issued a $200 million note for the acquisition of the Swedish carmaker. The exact amount of the final sale price will be announced later this year when the final adjustments on Volvo's value are made, and could result in additional proceeds to Ford.

"Volvo is an excellent brand with a strong product line, and it has returned to profits after a successful restructuring. We are confident Volvo has a solid future under Geely's ownership," said Alan Mulally, Ford's president and CEO.

"At the same time, the sale of Volvo will allow us to sharpen our focus on the Ford brand around the world and continue to deliver on our One Ford plan serving our customers with the very best cars and trucks in the world."

Under the agreement, Ford will continue to cooperate with Volvo in several areas supplying powertrains, stampings and other vehicle components. It will also provide engineering support, information technology, access to tooling for common components, and other selected services for a transition period.

The Detroit automaker added that it has also come to an agreement with Geely on the use of intellectual property.

As previously announced, Stephen Odell, CEO of Volvo Car Corporation, will return to Ford as group vice president and Chairman and CEO of Ford Europe. Stuart Rowley, CFO of Volvo Cars, will also head back toFord as chief financial officer, Ford Europe.

"Volvo is a proud company with a talented and dedicated team of employees," said Odell. "I am especially pleased that with Ford's continued investment in recent years, Volvo is well positioned for the future with an exciting range of products that remain true to its core values – safety, quality, environmental responsibility and modern Scandinavian design."

Geely has announced that Volkswagen's former U.S. Chief Stefan Jacoby will replace Odell and become CEO of Volvo Car starting from this month.

Nissan Europe Refreshes X-Trail SUV, Sales Start in September

We already took our first look at the updated for 2011 X-Trail SUV with the introduction of the Japanese market model in the beginning of July, but now, Nissan has released details on the European market version that will arrive in showrooms in September (October for the UK).

The revised X-Trail benefits from some modest updates to the exterior styling, improved interior quality and functionality, as well as from mechanical and aerodynamic changes.

As you may (or may not...) notice from the pictures, the 2011 X-Trail has undergone very minor cosmetic surgery. Highlight include the redesigned grille, headlights and bumper assembly at the front, along with revised tail lamps that now incorporate LED light technology for the running lights and braking, restyled rear bumper and new 17- and 18-inch alloy wheels wrapped in beefier tires.

Nissan says the overall length of the X-Trail has increased by 10mm as a result of the redesigned front end, while the height and width also increase by 10mm due to the increase in tire width and diameter.

The X-Trail also gets optimized underbody aerodynamics, reducing the Cd from 0.36 to 0.35.

Inside, there are new colors and higher-quality materials for the switch surrounds on the steering wheel, around the gear selector and on the door-mounted armrest, while thicker, soft-touch materials have been used for the cloth seats.

Other changes include the revamped instrument panel which gains a new drive computer screen, while Nissan says rear occupant comfort has been improved thanks to redesigned front seats, creating an additional 10mm of knee-room.

Under the sheetmetal, updates to the diesel version have resulted in Euro 5 compliance, while engineers also made changes to the manual gearbox and automatic transmission. Further details and pricing will be released closer to the launch date.