October 30, 2009

Ford wants 'made in China' engraved on Volvo

Press TV
October 28, 2009 16:00:41 GMT
Volvo S60

Ford Motor Co. reportedly says that China's largest independent carmaker Geely stands the highest chance of buying its envied European project Volvo.

"Ford believes Geely has the potential to be a responsible future owner of Volvo and to take the business forward, while preserving its core values and the independence of the Swedish brand," said Ford's chief financial officer Lewis Booth, AFP reported on Wednesday.

The Chinese enterprise has reportedly forwarded a request to buy Volvo for USD 2.5 billion, said the US daily The Wall Street Journal.

The US giant auto manufacturer put the brand up for sale in December 2008, having flogged its Land Rover and Jaguar nameplates for USD 2.5 billion in June the same year to reportedly minimize losses. The Swedish project lost USD 231 million in the second quarter, the journal added.

"Any prospective sale would have to ensure that Volvo has the resources, including the capital investment, necessary to further strengthen the business and build its global franchise," Booth added.

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