Ford Selling Volvo
Ford announced today that it's "re-evaluating strategic options for Volvo Car Corporation", which in plain English means that it may sell the Swedish brand that it's owned since 1998. The Dearborn-based automaker says this re-evaluation will take about three months, during which Ford and Volvo will work together as they always have. While the sale of Volvo will be no doubt be decided upon during this time, Ford has also said it will be working on propping Volvo up as a stand-alone business since
Following up on our report last month about Volvo possibly going to the Chinese, state media is now reporting that Chery Automobile, one of the largest independent and fastest growing Chinese auto manufacturers, has its eyes on the Swedish automaker. Although officials at Chery rule out the possibility of buying Volvo, other sources have stated that the Chinese automaker has already negotiated funding for a possible acquisition. If so, that funding will be significant-insiders put Volvo's value
Ford has largely kept Volvo out of the PAG fire sale discussion. Aston Martin found a new home just after it made a profit for the first time in years, and PAG's improved numbers last year were due solely to the barnbusting business being done over at Land Rover, which was good enough to put both Land Rover and Jaguar's combined business in the black. Ford has a lot of chickens closer to home that it's worrying about right now, but one wonders when it will publicly commit to doing right by Volvo
Earlier this month we brought you a rumor that BMW was in talks with Ford to buy Volvo. Then just this week the rumor popped up again, in a Swedish newspaper. Now Ford comes out to officially quash the story, saying, "Ford Motor Company is not in discussions with BMW or any other company regarding an interest in the Volvo Car Corporation."
var digg_url = 'http://digg.com/world_news/BMW_reportedly_interested_in_buying_Volvo'; Autocar says BMW seriously considered taking Volvo off of Ford's hands earlier this year, going so far as to request financial data about the company, which is surprising on several levels.