Ford planning to sell Volvo by Summer?
( Motor Authority )- Despite official word from both Ford and Volvo that there are currently no plans for the sale of the Swedish carmaker, new reports claim it is up for sale and could change hands for $6 billion by the middle of the year. Late last year Ford officials announced plans to keep Volvo and improve its image by making the brand more upmraket .
The Business is now reporting Ford has since dropped those plans and is pressing on it with the sale. The information comes from a senior banker familiar with the situation, who claims Ford will auction off Volvo soon after the Jaguar and Land Rover sale is finalized. This was followed by a second senior banker, who said "sooner or later a serious decision will be made and Ford will get out of Volvo."
Unlike Jaguar and Land Rover, which will be passed on to Indian carmaker Tata in coming weeks, Volvo will likely be sold to a private equity firm.