Just about a month ago, news hit the interwebs that Chinese automaker Geely officially became Ford's preferred bidder for Volvo once concerns over intellectual property were sorted out. Today, though, we're hearing that Crown, a consortium led by former Ford director Michael Dingman, former Ford and Chrysler LLC executive Shamel Rushwin and ex-Volvo CEO Roger Holtback, is gaining momentum in its bid for the Swedish automaker after submitting a revised proposal.
Ford has been trying to offload the Volvo brand since December of 2008, but after years of rumors and speculation those 10 months feel more like a decade. China's Geely has been speculated as the number-one bidder for the Blue Oval's Swedish luxury brand, but a report by Bloomberg asserts that the long-awaited accord could be shelved due to concerns over Ford's intellectual property.
Any talk of brands for sale in the auto industry invariably includes a Chinese automaker as one potential bidder. As such, it's not surprising to hear that Chinese automaker Geely is reportedly in the running to buy Volvo from Ford. Chinese media, however, have begun reporting that Geely has actually signed a deal with the Dearborn-based automaker to buy the last remaining brand from Ford's now-defunct Premium Auto Group.
We already know that Ford has placed Volvo on the auction block and is actively shopping its Swedish brand to at least one Chinese automaker. New rumors indicate that there may be more players in China with more than a passing interest in taking the brand off the Blue Oval's hands. If SAIC doesn't bite at Ford's $6 billion asking price, Geely has emerged as a possible bidder and officials from the Chinese automaker have reportedly made the trip all the way to Volvo's headquarters in Gothenburg,