Tuesday, December 9, 2008
Report: China automaker mulls buying Ford's Volvo
BEIJING (AP) - A Chinese partner of Ford Motor Co. is talking to the U.S. automaker about the possible purchase of its Volvo unit, a Chinese newspaper reported Tuesday.
Changan Auto Co.'s president, Xu Liuping, talked with Ford executives about a possible sale at an auto show last month in China, the National Business Daily said, citing an unnamed source at Changan. It gave no other details.
A spokeswoman for Ford Motor (China) Ltd. said Ford was evaluating possible options for Volvo Car Corp. including a possible sale but declined to comment on the Chinese report.
"It will take some months to assess all of our available options," spokeswoman Lynn Ouyang said in a written statement.
Employees who answered the phone at Changan referred calls to a spokesman who they said was unavailable.
Ford is trying to raise money to see the company through a severe slump in the U.S. auto industry. Ford and rivals General Motors Corp. and Chrysler LLC are seeking government aid...More