Report: Beijing Automotive looking to buy Volvo from Ford

According to a source briefed on the discussions, Chinese automaker Beijing Automotive Industry Holding Co. is talking to Ford about buying the company’s Volvo stake. The source said that Beijing Automotive is going to meet with Volvo executives at the company’s Gothenburg, Sweden headquarters.

Beijing Automotive is one of the three or four companies that have expressed interest in Volvo. However, it is unclear how many potential buyers FoMoCo is talking to at the moment.

Ford, which bought Volvo in 1999 for $6.45 billion, is expecting to get up to 6 billion for the Swedish brand.

It has been previously reported that another Chinese automaker, Geely Automobile Holdings, was interested in Volvo. Geely later denied being interested in Swedish auto company including Saab.

– By: Omar Rana

Source: MSNBC