After months of waiting, Chinese automaker Geely Holding Group has completed its purchase of Volvo Car Corp. from Ford Motor Co., marking the biggest overseas acquisition in China's auto industry.

The final deal is reportedly valued at around $1.5 billion, lower than an earlier price of $1.8 billion agreed in March.

"Volvo should enjoy a much better position in the global market given its quality, technology, research and development abilities, and its brand value," said Li Shufu, Geely's Chairman of the Board, at the handover ceremony.

As part of its business plans, Li said, Volvo will strengthen its presence in Europe and North America while also taking advantage of growth opportunities in China.

Volvo will remain headquartered in Gothenburg, Sweden, with management having autonomy to execute its own business plan, he said.

A pressing task for Geely is to help Volvo jump back into the black, said Jia Xinguang, a renowned independent auto analyst. Volvo sold 334,800 cars globally in 2009, but still recorded a record loss of $653 million.

Geely is one of the Chinese automakers looking to step up their game by snapping up equipment and know-how from big-name brands, which they previously admired from afar.

But the industry still has a long way to go. Most Chinese automakers are either making foreign brand cars through partnerships with foreign companies like GM and Fiat, or focusing on the lower-end markets. Last year, Volkswagen sold around 1.4 million vehicles in the country, much more than that of China's top three—Geely, Chery and BYD—combined.