Posted on 8-07-2008 by Andrey
Ford isn’t having a great time in terms of sales and profit lately so rumors are starting to appear that other car groups are bidding for its subsidiaries. Such is the case with Volvo, quite a few groups showing interest in the Scandinavian manufacturer like Renault, Shanghai Auto or Dongfeng Motors. But none of these firms seem to be as close to owning Volvo than Chinese producer Chery Auto.
Chinese business magazine Caijing reports that Chery Auto has great interest in Volvo, wanting to incorporate their highly appreciated safety standards in their cars, chinese vehicles being always regarded by western buyers as unsafe and dangerous, crash tests showing a lot of poor results.
Although they are reported as not having reached an agreement more so, official declarations of Chery Auto are dismissing their interest in the Swedish manufacturer, inside sources are saying that the Chinese producer is already taking an interest in banks and equity firms that will eventually back up their acquisition. Ford hasn’t publicly declared a price for Volvo, but some say that it will be around $4.4 billion.