Ford talking to Chinese to sell Volvo, brand cuts 2,000 jobs

It’s that time of the month again where we hear speculations on Volvo being sold. This time, according to Dagens Industri, FoMoCo is talks with a Chinese company, Shanghai Automotive Industry Corp., to take Volvo off their hands. A Russian investor is also rumored to be interested in buying the Swedish brand.

A Ford spokesman responded to the news saying: “We have been consistently saying since the end of last year that Volvo is not for sale. We are focused on improving Volvo’s business results.”

In other Volvo news, the Swedish automaker said today that it will cut around 2,000 jobs across its operations in order to reduce costs. The company plans on cutting 1,400 white-collar staff and 600 blue-collar workers. The cut is part of a plan to reduce costs by 4 billion dollars.

Ford took Volvo off the auction block in November and said that it plans to focus on improving the company’s cost structure.


Source: Automotive News (Subscription Required)