Chinese firms interested in Volvo

  • Ford is trying to sell Volvo
  • Chinese firms in talks
  • Deal could be worth $2 billion
Ford says it is in talks with 'a number of parties' as it attempts to sell its upmarket brand Volvo, with a number of Chinese firms believed to be frontrunners to buy the Swedish firm.

Ford confirmed earlier this month that it had started the process of looking for Volvo bidders, as it aims to cut costs and focus on its core US business.

It's thought that Chery Automobile, Dongfeng Motor Group, Geely Automobile and Chongqing Chang'an Automobile are the Chinese firms interested in buying Volvo.

Ford made a $14 billion loss in 2008, despite selling both Jaguar and Land Rover to Indian firm Tata for $2.3 billion (around £1.65 billion).

Volvo is expected to be sold for less than that, with estimates ranging from $1.2 billion (around £82 million) to $2 billion (around £137 million). Any deal could take up to a year to complete.
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