www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

Top Biz News

Geely could find Volvo a tough nut to crack

By LI FANGFANG (China Daily)
Updated: 2010-03-31 10:20
Large Medium Small

BEIJING: When Li Shufu, chairman of Zhejiang Geely Group Holding Co Ltd, celebrated the company's agreement taking over Swedish luxury brand Volvo on Tuesday, nobody could foresee the challenges and risks ahead for the Chinese automaker.

Geely could find Volvo a tough nut to crack

Geely chairman Li Shufu answers questions at the Volvo takeover ceremony in Beijing on Tuesday. [China Daily] 

Yes, the deal gives the Hangzhou-based company access to new technologies, control of the Volvo brand name and, perhaps, a shortcut for Geely into the global automobile industry. But conversely, the huge purchase could also be the privately owned automaker's fast track to financial ruin.

And while Geely proved it could muster enough capital to conclude the transaction, whether it has the financial muscle to take over and develop Volvo over the long haul remains to be seen.

Addressing the money issue, Yin Daqing, Geely's chief finance officer, said in Beijing on Tuesday that Geely has obtained "enough" financing to foot Ford's $1.8 billion bill and still have $0.9 billion left over for future operational costs.

However, according to a Bloomberg report last week citing a Volvo board member, in reality the Chinese automaker will need at least $1.4 billion to revive the troubled Swedish brand, a sum that Geely may be hard pressed to come up with.

Domestic auto analysts agree, forecasting Geely will need between $1.6 billion to $2 billion to keep the Swedish firm operational.

Volvo reported losses of $1.69 billion (almost 10.5 billion yuan) in 2008. That compares with a 1 billion yuan profit for Geely in 2009.

Last year Li admitted that the company had about 10 billion yuan in debt, a sum he later declined to explain in detail.

Related readings:
Geely could find Volvo a tough nut to crack Focus on Geely's purchase of Volvo
Geely could find Volvo a tough nut to crack News analysis: Will Volvo brand thrive?
Geely could find Volvo a tough nut to crack Geely buys Volvo in biggest overseas foray
Geely could find Volvo a tough nut to crack Geely's Li to go global with Volvo deal

Based on those numbers, it appears near impossible for Geely to garner the financial support required to revive the Volvo brand.

Moreover, "it will be very hard for Geely to allow Volvo to recover from its poor performance within two years because of the high operational costs associated with Volvo," said Frank Xu, head of mergers and acquisitions at China International Capital Corp Ltd.

Xu has helped several interested companies valuate Volvo since Ford first put the Swedish automaker on the market at the end of 2008.

The dealmaker also cast serious doubt on Li's promise to move Volvo out of the red in two years, indicating Volvo's profitability may come to the detriment of Geely.

In 1999, Ford spent $6.4 billion to acquire Volvo, and 10 years later will only receive $1.8 billion back. Even Ford, the century-old US auto giant, could not manage Volvo profitably.

主站蜘蛛池模板: 免费观看a黄一级视频 | 免费a级毛片大学生免费观看 | 亚洲在线国产 | 国产精品情侣久久婷婷文字 | 久久ri精品高清一区二区三区 | 亚洲国产精品久久综合 | 狠狠色婷婷丁香综合久久韩国 | 国产精品久久久一区二区三区 | 国外成人在线视频 | 操美国女人| 香港三级88久久经典 | 亚洲视频免费观看 | 国语一级毛片 | 国产精品九九 | 欧美美女视频网站 | 91久久国产综合精品女同我 | 免费一级特黄欧美大片勹久久网 | tom影院亚洲国产 | 拍拍拍又黄又爽无挡视频免费 | 亚洲欧美日韩精品高清 | 久久国产精品免费视频 | 欧美三级一区 | 久久草在线视频播放 | 暖暖免费高清日本一区二区三区 | 欧美a在线看| a毛片免费播放全部完整 | 国产91会所洗浴女技师按摩 | 99精品免费在线观看 | 免费国产成人高清在线看软件 | 亚洲综合成人网在线观看 | 久9这里精品免费视频 | 国产毛片精品 | 亚洲国产日韩在线 | 精品无码久久久久久国产 | 色老头老太做爰视频在线观看 | 亚洲精品一区二区手机在线 | 综合久久久久久久 | 日韩经典视频 | aaa在线 | 国产91免费在线 | 亚洲人成综合在线播放 |