FoMoCo has already announced that its Volvo division is under ‘strategic review.’ According to sources familiar with the matter, Ford will begin seeking buyers for the Swedish luxury brand in Feb. with expectations to get bids from Chinese automakers.
Ford will send out sales documents to potential buyers in the middle of February.
Ford, which bought Volvo for $6.4 billion, is reportedly looking to $6 billion for the brand. The move comes as CEO Alan Mulally looks to avoid tapping into a $9 billion government credit line.
The source said that Chinese bidders may include SAIC Motor Corp., Chery Automobile Co., and Guangzhou Automobile Group Co.
Source: Detroit News