Thursday, December 18, 2008
Chinese favourites to take control of Volvo
One of China's largest carmakers, Changan, is in talks with Ford Motor Company that could see it buy Volvo.
Ford announced last week that it was looking at all options for the future of Volvo as it bids to raise cash to see it through the economic crisis.
Changan is China's sixth largest vehicle manufacturer and is a joint venture partner with Ford in China.
It is understood that talks between the two sides first started a months ago. If the sale goes ahead, it will mark Ford's complete exit from European brands. Over the past two years it has sold Aston Martin, Jaguar and Land Rover.
DATED: 18.12.08
FEED: AW
