Ford Names Geely as its "Preferred Bidder" for Volvo

Ford has announced that it is in negotiations with China’s Zhejiang Geely Holding Group Co. Ltd. to sell Volvo. If the deal does go though, Ford has no plans on retaining any ownership of Volvo.

Lewis Booth, Ford Motor Company executive vice president and chief financial officer stated “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. But there is much work that needs to be completed in the more substantive discussions that are agreed to take place. We have no specific timeline to conclude the discussions.”

Stephen Odell, Volvo CEO also stated that “Volvo’s management team welcomes today’s announcement as a positive step forward. At Volvo, we are continuing to keep our attention firmly fixed on engineering and building great Volvo cars, to reduce our cost base and to return the business to sustainable profitability at the earliest possible opportunity.”

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