Ford: Volvo buyers line up
March 26th, 2009 by James Baggott
FORD has confirmed there are a number of interested parties looking to buy its loss-making Swedish arm Volvo.
The car giant has said it is pleased with the amount of interest and the quality of the bidders – but hasn’t said who they are.
The carmaker is looking to sell loss-making Volvo in bid to turn around the company, the BBC has reported.
There are reports in Sweden that Chinese firms – including Chery Automobile, Dongfeng Motor Group and Chongqing Changan Automobile – are interested in purchasing the marque.
‘Ford is now talking in more detail to these interested parties about the future for Volvo,’ a spokesman told the BBC.
Volvo made a loss of $736m in the last three months of 2008, while Ford’s overall loss for the whole year totalled $14.6bn.
Fellow Swedish car maker Saab is also up for sale by parent company GM as it looks to cut costs too.
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