A deal for car company Volvo seems to have been sealed today by Chinese car maker Geely. Volvo used to be owned by Ford but has failed to make a profit in the last five years and by selling the marquee Ford hope to pay off debts and focus on their own brand.

The deal is estimated to be worth a cool 1.2 billion pounds. And, Geely hope that by buying Volvo it will give them a foothold in the lucrative European car market, whilst also introducing the Volvo brand to China where 13 million cars were sold last year.

The sale marks a turbulent time for the car industry as a whole but hopefully Volvo will use this as a springboard for future success.