Volvo had been on the market since 2008 when Ford put several brands up for sale. Geely bought Volvo for $1.8 billion, the biggest overseas purchase by a Chinese car manufacturer.
“Today represents a milestone for Geely,” the company’s chairman Li Shufu said of the deal first announced last December.
Geely, China’s biggest independent car maker, has pledged to keep Volvo as a separate company with its headquarters remaining in Sweden.
Geely, founded in 1986, has 12,000 employees and the capacity to manufacturer about 300,000 cars per year.
Geely said it will retain Volvo’s history in Sweden, but significant manufacturing is expected to take place in China, making Volvos for Chinese consumers.
More than 13 million cars were sold in China last year, a nearly 50 percent increase from 2008.