Ford Motor said on Wednesday it was still evaluating an option to sell its Volvo car unit but declined to comment on a local media report which named its China partner Changan Automobile Group as a potential buyer.
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Ford Motor Co. , shedding assets to raise cash, is in talks to sell its Volvo car business to China partner Changan Automobile Group, the National Business Daily reported Tuesday.
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Ford and China's Changan Automobile Group have not talked about selling Volvo Car to the Chinese automaker though Ford executives met with Changan officials to inform them "as a courtesy" that Ford was looking for a Volvo buyer, a person "familiar the with the situation" told the Wall Street Journal Asia.
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Ford Motor is in talks to sell its Volvo car business to its China partner Changan Automobile Group, the National Business Daily reported on Tuesday, citing an unnamed source at the Chinese company.
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Swedes once reveled in the independence of their two national carmakers and#x2014; small but highly profitable luxury brands competing in a world of giants. Volvo Car Corp. and Saab are now money-losing wards of Ford Motor Co.
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The loss of Volvo would have a more devastating effect on the future of Sweden as an automaking nation than the closure of Saab, Lars Holmqvist, CEO of CLEPA, the European suppliers association, said.
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As Ford Motor and General Motors consider selling their Swedish brands, Volvo's long-term future seems brighter than Saab's.
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Volvo's conservative styling and luxury earned their products a loyal following- though unquestioned safety was also responsible in parking their machines in driveways across the country. Safety is serious business for the Swedes, and a Volvo wagon's always been a sure way to get the wife and kids around in complete and total safety.
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Volvo's conservative styling and luxury earned their products a loyal following- though unquestioned safety was also responsible in parking their machines in driveways across the country. Safety is serious business for the Swedes, and a Volvo wagon's always been a sure way to get the wife and kids around in complete and total safety.
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Ford Motor Co is believed to be looking to sell its Volvo subsidiary for as much as US$6bn, a report said today. That would be close to what the US giant paid for Volvo 10 years ago.
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Ford Motor is seeking to sell Volvo for as much as $6 billion, and is using JPMorgan Chase and Co as an adviser, Bloomberg reported on its Web site on Wednesday.
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Sweden's government has ruled out taking over Volvo Cars if Ford decides to sell it but the opposition and unions want politicians to step in and save the country's auto industry.
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The Ford Motor Company has announced that it has started reviewing its revival strategy to face the sharply declining automobile sales of the last three months as well as the severe economic crisis shaking the planet.
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Ford on Monday said it would "re-evaluate strategic options for Volvo Car Corporation, including the possible sale", confirming speculation over the last several months it would sell the Swedish brand.
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Ford Motor is exploring the possible sale of Volvo Cars, the company said Monday.
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Volvo Cars and Saab have reportedly approached Sweden's government about financial aid.
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Volvo Cars and Saab have reportedly approached Sweden's government about financial aid.
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General Motors and Ford Motor have approached the Swedish government about aid for their Saab and Volvo car units, the Financial Times said on Monday.
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Volvo releases latest teaser shot of its forthcoming 3-series rival.
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