Skip to Content

Massively looks at the best free to play games

Filed under: China, Volvo, Earnings/Financials

Ford in further talks with Shanghai Auto to sell Volvo

The UK's Sunday Mail is reporting that Ford has returned to Shanghai Automotive Industry Corp. (SAIC) to make another pitch to sell Volvo. As we told you back in June, SAIC is one of the leading contenders to snap up Volvo. Although Ford had long maintained the Swedish automaker was not for sale, it recently admitted it was entertaining offers for the firm. Having paid $6.4 billion for Volvo back in 1999, it is believed that Ford is now seeking around $6 billion for the company. That's a lot of renminbi.

Like the rest of the industry, Volvo is struggling in today's market with third-quarter sales down 24 percent. It has cut thousands of jobs and has even sought assistance from the Swedish government. Besides SAIC, Hyundai Motor Co. is still believed to be in the hunt for Volvo, as well as the Swedish government itself, although that seems unlikely.

If SAIC does end up in Chinese hands, it won't be their first experience building Volvos. The Chinese-market-only, long-wheelbase S80L is already being built at the CFMA Chongqing plant in China, but that is a unique partnership for now and it is unclear how the sale of Volvo to SAIC would affect that arrangement.

[Source: The Sunday Mail]

Reader Comments (Page 1 of 2)

Featured Galleries

2009 Chevrolet Caprice (Miiddle East)
First Drive: 2010 BMW X6 M
2010 Jaguar XJ
Fiat 500C UK launch
1931 Miller V16 racing car
Review: 2009 Ford Edge Sport
2010 Hyundai Sonata - spy shots
Review: 2010 Cadillac SRX
Ferrari at 2009 Goodwood Festival of Speed
Bridgestone 3G RFT
Review: 2009 Smart ForTwo
Forza 3 Japanese Screen Shots
AOL Autos

Find Your Next Car


Autoblog Video

Autoblog Green

BloggingStocks

Download Squad

Engadget

Joystiq

Autoblog Spanish

Switched.com

FanHouse

Asylum