Geely, the Chinese carmaker picked as the preferred bidder for Ford Motor's Volvo unit, is seeking at least $1 billion in loans from Chinese banks to finance its $1.8 billion bid.
China's Geely Holding Group said Friday it was having a detailed and in-depth discussion with Ford over relevant terms and contracts about acquiring Volvo.
The bid by Geely Holdings Group to buy Swedish luxury car brand Volvo from Ford Motor Corp is seen as a risky move for the Chinese car maker and several hurdles lie ahead, according to analysts.
China's Geely Automobile on Wednesday have been confirmed as preferred bidder in the ongoing discussions concerning the possible sale of Volvo Car Corporation.