Dating back to 1927, when its first model was built, Volvo Group used to build trucks and cars, as well as marine and aero engines. In 1999, it sold its car business to Ford Motor for US$6.45 billion, and focused on commercial vehicles. Ford sold Volvo to China’s Geely in 2010.
A prize pool of US$2 million will be up for grabs at the 2007 China Open, an increase of US$200,000 on this year's event.
And a source hinted yesterday that the sponsor could yet match this year's half a million dollar hike when the motoring giant's budgets are approved later this year.
Mel Pyatt, the chief executive of Volvo Event Management, would only confirm the 'guaranteed' US$200,000 increase, along with a long-term deal with the China Golf Association.
'We have just signed a memorandum of understanding to sponsor the China Open through to 2015,' Pyatt said on day two of the 12th open championship.
'The CGA has asked us to put up prize money to match the status of an open championship,' he said. 'And we have agreed.'