Ford is in detailed talks with potential buyers for its Swedish brand Volvo Cars, a spokesman John Gardiner said on March 25, adding that Ford was pleased with the number and quality of the bidders. "Ford is now talking in more detail to these interested parties about the future for Volvo," he said.
Gardiner said that, while the talks could lead to a sale of the beleaguered Swedish company, "no final decisions have been made at this stage and this process will still take some time to unfold. " Ford had announced in December that it was considering selling Volvo Cars.
On March 10, the Financial Times reported that China's second-biggest carmaker Geely was interested in buying Volvo Cars.
Ford acquired the Swedish brand in 1999 for $6.45 billion. Volvo Cars holds 1.3% of the European market and 0.5% of the U.S. market, according to Ford.
Volvo Cars employs 20,000 people worldwide, including 15,000 in Sweden.
Copyright Agence France-Presse, 2009