According to a report by Swedish business daily Dagens Industri, FoMoCo has three parties interested in buying its Volvo Cars unit by April. Without disclosing its sources, the paper said that the three interested parties included Chinese automakers Dongfeng Motor Group and Chongqing Changan Automobile Co. The paper said that the third party is “a European constellation.”
The European Investment Bank (EIB) is expected to grant Volvo a 5 billion Swedish kronor ($568 million) loan which it applied for last month, reports Automotive News.
As reported yesterday, the Swedish government may guarantee the loan since Ford has stated that it will take ownership responsibility and guarantee capital flows until Volvo find a a new owner.
Ford bought Volvo for a total of $6.45 billion in 1999, when it was profitable.