Ford prefers Volvo bidder

Ford has confirmed that a consortium led by Zhejiang Geely Holding Group is its preferred bidder in its discussions concerning the possible sale of Volvo.

Ford said that while it will be engaging in more detailed and focused negotiations with Geely, no final decisions have been made.

‘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,’ said Lewis Booth, Ford Motor Company executive vice-president and chief financial officer.

While Ford would continue to co-operate with Volvo in several areas after a possible sale, Ford said it does not intend to retain a shareholding in Volvo.

John Fleming, chairman of Ford of Europe and Volvo Cars, said: ‘Any sale also would need to take into account the significant connections between Ford and Volvo in terms of continuing component supply, engineering and manufacturing.’