No, it's not another standoff, but it has been reported that Volvo has handed over the XC90 to their Chinese foster parent, Geely, for further development.
The news, which came via China Car Times, states that Geely will be using the platform of the Volvo XC90, a car that dates back to when Volvo was still under the care of Ford, to develop an entirely new (so to speak) luxury/premium Chinese car brand.
The XC90 is Volvo's oldest model, having been in production since 2003. Volvo says that the all new, next gen model is already in development.
By our assessment, the Volvo P2 platform is a good basis for a new high end brand, especially since the same (or very similar) architecture is shared by Ford which they call the D3 and D4.
Current models that use the P2/D3/D4 platforms apart from the Volvo XC90 include the Lincoln MKS, the Ford Taurus and even the new Ford Explorer.