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Ford has publicly announced for the first time that it would like to sell Volvo. The news, which has been rumoured for a while now, came out in Ford’s latest strategic review which they need to take to US Congress tomorrow with the aim of receiving much need funding from the $25 billion government aid package.
‘Given the unprecedented external challenges facing Ford and the entire industry, it is prudent for Ford to evaluate options for Volvo as we implement our ONE Ford plan.’ Ford president and CEO Alan Mulally.
‘Volvo is a strong global brand with a proud heritage of safety and environmental responsibility and has launched an aggressive plan to right-size its operations and improve its financial results. As we conduct this review, we are committed to making the best decision for both Ford and Volvo going forward.’
Whilst it’s possible the sale could provide Ford with much needed cash in the bank, in this economic climate a quick sale seems unlikely. One possibility is that the Swedish government could choose to invest and become part owners in both Volvo and GM owned Saab, however who would be the likely other part owners?
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