Ford 'mulling Volvo sale'

16-07-2007

Ford 'mulling Volvo sale'
Swedish carmaker Volvo became the latest subsidiary of US giant Ford Motor to face speculation it may be sold off over the weekend.

A number of newspapers reported that Ford was actively exploring the deal over the weekend, ahead of next week's interim figures from the struggling company.

Ford spokesperson Tom Hoyt told the Associated Press news agency the speculation was not grounded in truth.

"To my knowledge, we are not in negotiations with anyone about the future of Volvo," he said.

Ford reported its worst full-year results on record in January, posting an enormous $12.7 billion (£6.3 billion) loss.

The firm has struggled because demand for greener, city-suitable vehicles has forced it to shift its strategy away from its trademark large cars to smaller vehicles.

It sold luxury brand Aston Martin to a British consortium in March, prompting speculation it may want to concentrate on recovering its core markets in the US by selling the other parts of its European Premier Automotive group – Volvo, Jaguar and Land Rover.


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