Ford might be looking to sell Volvo to a Chinese company according to a report by Dagens Industri and followed up by Automotive News. Sources are saying that Shanghai Automotive Industry Corp. may be one of the potential suitors, while a Russian investor has also expressed interest in Ford's Swedish arm. FoMoCo's CEO, Alan Mulally began a strategic review of the automaker last year and the possible sale of Volvo was reported to be in the cards. However, Ford denied such a plan at the time and when AN contacted a Ford spokesperson for comment about the report today they said, "We have been consistently saying since the end of last year that Volvo is not for sale. We are focused on improving Volvo's business results."
Regardless, news of the possible sale of Volvo comes on the same day Ford announced that 2,000 workers will be laid off in an effort to cut costs due to an overall weak market and rising material costs. Volvo is hoping to slash around $662 million in costs, with the primary cuts coming from workers in Sweden. 1,200 workers were informed of the cuts today, and overall, 1,400 white-collar staff and 600 blue-collar jobs are on the chopping block.

[Source: Automotive News – Sub. Req.]

I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.

    • 1 Second Ago
  • 2015 Toyota Highlander
    MSRP: $29,765 - $44,140
    2015 Jeep Grand Cherokee
    MSRP: $29,995 - $64,895
    2015 Honda Accord
    MSRP: $22,105 - $33,630
    2015 Honda Civic
    MSRP: $18,290 - $26,740
    2015 Mazda Mazda3
    MSRP: $16,945 - $25,545
    Share This Photo X