Ford has agreed the terms to sell its Volvo brand to Chinese car manufacturer Geely.
Ford said some work still remains to be completed but a "definitive sale agreement is anticipated in the first quarter".
Government approval of the deal still needs to come through before it can all be finalised and financing for the deal also needs to be completed. However, Ford said “substantive commercial terms” have been agreed.
Details of how much Geely will be paying for Volvo remain confidential but it is rumoured the Chinese manufacturer will be paying approximately £1.2 billion in comparison to the £4 billion Ford paid for the Swedish brand back in 1999.