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F, EVCA.OB, & SPWRA: Ford completes the sale of Volvo to Geely for $1.8 Billion

F, EVCA.OB, & SPWRA: Ford completes the sale of Volvo to Geely for $1.8 Billion

Aug. 2, 2010 - PRLog -- Ford Motor Co. (NYSE: F)

Ford Motor Company is a global automotive industry leader based in Dearborn, Mich., manufactures and distributes automobiles across six continents. With approximately 176,000 employees and 80 plants worldwide, the company’s automotive brands include Ford, Lincoln, Mercury and Volvo.

Ford Motor Company reported today that it has completed the sale of Volvo Car Corporation and related assets to the Zhejiang Geely Holding Group Company Limited.

The total purchase price for Volvo and related assets set forth in the agreement signed in March 2010 was $1.8 billion, including a $200 million note and the balance in cash, with the cash portion subject to customary purchase price adjustments at closing. Pursuant to the terms of the agreement, Geely today issued the note and paid $1.3 billion in cash to complete the sale. The estimated purchase price adjustments used at closing are expected to be finalized and settled following final true-up of the purchase price adjustments later this year. The final true-up is expected to 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.”

Ford will continue to cooperate with Volvo in several areas to ensure a smooth transition, but has not retained any ownership in the Volvo business. Ford will continue to supply Volvo with, for differing periods, powertrains, stampings and other vehicle components. Ford also has committed to provide engineering support, information technology, access to tooling for common components, and other selected services for a transition period.

Agreements between Ford and Geely govern the use of intellectual property; these agreements will allow both Volvo and Ford to deliver their business plans and establish the proper use of each other’s intellectual property.



EVCARCO is a publicly held company in the alternative energy vehicles industry, recently reported that the company has officially been granted it’s four Registered Trademarks including “EVCARCO” and its slogan “Future Driven .”

EVCARCO has received significant attention over the last few months with media and press about its range of electric vehicles, business model and its alliances with the Federal Government .

About EVCA:

EVCARCO is the first automotive retail group dedicated to deploying a coast-to-coast network of eco-friendly dealerships and vehicles.and vehicles. EVCARCO is bringing to market the most advanced clean technologies available in plug-in electric, alternative fuel, and pre-owned hybrid vehicles. EVCARCO has developed a dealer network allowing growth into most US States by 2012.

EVCA has alternative fuel vehicles, plug-in electric cars, hydrogen fuel injection cars , and hybrid systems from well-known auto makers and eco-friendly car makers you haven’t heard of…yet.

The company, which is focused on the sale of alternative energy vehicles, has seen a dramatic increase in inquires from South America as well as specific government requests to supply all electric units for fleet use.

To See The Vehicles EVARCO Has To Offer, Go To: www.evcarco.com.


SunPower Corporation (NasdaqGS: SPWRA)

SunPower Corporation designs, manufactures, and markets solar electric power technologies. The company operates in two segments, Components and Systems. The Components segment manufactures and sells solar power products, including solar panels and inverters, which convert sunlight to electricity compatible with the utility network. This segment sells solar components for use in residential and commercial applications to installers and resellers, including its third-party global dealer network. Its products are also used in multi-MWac solar power plant applications. The Systems segment sells solar power systems directly to system owners and developers.

SPWRA’s services include development, engineering, procurement, permitting, construction, financing options, monitoring, and maintenance. This segment principally offers PowerGuard roof system, a roof-mounted solar panel mounting system; SunPower T-10 commercial solar roof tiles, which are pre-engineered solar panels; SunPower T-5 solar roof tile system that combines solar panel, frame, and mounting system into a single pre-engineered unit; SunTile roof integrated system for residential market; ground mounted SunPower Tracker systems; and fixed tilt and SunPower Tracker systems for parking structures.

SunPower Corp. and Bank of America (NYSE: BAC) today announced that SunPower has completed the design and construction of a 1-megawatt solar power system at the Yolo County Justice Campus in Woodland, Calif. Yolo County, which owns the system and associated renewable energy credits, is financing the purchase using multiple funding sources, including clean renewable energy bonds and qualified energy conservation bonds available through the American Recovery and Reinvestment Act of 2009.

In addition to the subsidized bonds, which were financed by Bank of America, SunPower assisted Yolo County in securing a 15-year loan from the California Energy Commission.

“With the funding we secured as a result of the 2009 federal stimulus bill and the California Energy Commission loan, Yolo County has no out-of-pocket expenses to build this project, and will be net cash flow positive from the first day of the system’s operation,” said Yolo County Board of Supervisors Chairwoman Helen M. Thomson. “Savings over the next 25 years are estimated to be about $8.8 million, directly benefiting Yolo County residents and businesses. State and federal funding has helped make solar power an easy, affordable means to reduce county operational costs as well as our dependence on fossil fuels.”

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Source:Blayne Sheffield
Location:United States
Tags:Evca.ob, Otc:evca, Ford, Geely, Spwra, Sunpower, Energy, Motors
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