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Ford officially confirms China’s Geely as its preferred bidder for Volvo

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By on October 28th, 2009

2010 Volvo S80Ford is trying to sell the Swedish Volvo brand and for month’s one of the potential rumored buyers has been China’s Geely.

Today Ford confirmed earlier speculations and named Geely as their preferred bidder for the Volvo brand. That of course does not mean Geely is the final buyer. A lot of things can change during the negotiations.

One thing is sure that Ford does not want any stake in the Volvo. At the same time they have not ruled out product cooperation in the future.

“Ford’s objective in our discussions with Geely is to secure an agreement that is in the best interests of all the parties,” said Lewis Booth, Ford Motor Company executive vice president and chief financial officer. “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, while enabling Ford to continue to focus on and implement our core ONE Ford strategy.

“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.”

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