Ford Motor Co. has reportedly hired Goldman Sachs Group and Morgan Stanley to arrange the sale of its Volvo, Jaguar and Land Rover brands in Europe as the money-losing automaker tries to focus on
North America, two people familiar with the strategy say.
The plan is known internally as "Project Swift"--a reference to the speed at which Ford wants to make a sale, the sources say.
Selling the brands would end a 20-year initiative to expand sales of luxury autos by acquiring European companies.
Volvo has been profitable, and Land Rover turned profitable under
Ford. Jaguar has had unspecified losses.
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