The president of Changan Auto Co. approached Ford execs about potentially buying Volvo at an auto show last month in China, according to a report in Tuesday's National Business Daily. Ford, which has owned a controlling stake in Volvo since 1999, officially put the unit on the block earlier this month when it hired J.P. Morgan Chase & Co. to explore options.
Ford, according to sources, would prefer to sell its Volvo shares to a partner that would allow it to continue collaboration between the two automakers, so a sale to Changan would make some sense because Changan and Ford have been working together in China since 2001.
But sources close to the automaker downplayed the Chinese report, saying that the auction process is still in its early stages. So no need to ask the question of whether consumers would be willing to buy Chinese-made Volvos just yet. -
Lou WhitemanSee Associated Press report picking up the National Business Daily storySee Dealwatch: Autos
Comments
Is Ford Motor Co. really nearing a deal to sell its Volvo Cars AB stake to a Chinese automaker? Auto sources in Detroit say "not so fast."
Yes consumers would certainly buy Chinese made Volvo's, just as they buy Chinese made BMW's and Mercedes Benz's. The Volvo brand is a guarantee for the superior quality.