• October 28, 2009

Zhejiang Geely Holding Group Co. Ltd. is preferred bidder in the ongoing discussions concerning the possible sale of Ford's Volvo Car Corporation. Ford said that while it will be engaging in more detailed and focused negotiations with Geely, no final decisions have been made.

Said Lewis Booth, Ford Motor Company Executive vice president and chief financial officer in a statement: "Any prospective sale would have to ensure that Volvo has the resources, including the capital investment, necessary to further strengthen the business and build its global franchise, while enabling Ford to continue to focus on and implement our core ONE Ford strategy."

"Ford believes Geely has the potential to be a responsible future owner of Volvo and to take the business forward while preserving its core values and the independence of the Swedish brand. But there is much work that needs to be completed in the more substantive discussions that are agreed to take place. We have no specific timeline to conclude the discussions."

Ford said it does not intend to retain a shareholding in Volvo.--Karl Greenberg