Ford had talks with Renault to sell Volvo: sources
Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) has had exploratory talks with French automaker Renault SA (RENA.PA: Quote, Profile, Research, Stock Buzz) to sell Volvo, but the talks ended quickly due to price differences, sources briefed on the matter told Reuters.
The two parties have spoken again after their initial discussions, which were held last fall, the sources said.
Ford has also had talks with China’s third-largest automaker, Dongfeng Motor Group (0489.HK: Quote, Profile, Research, Stock Buzz), as a potential partner for Volvo, one of the sources said.
Ford spokesman Mark Truby declined to comment directly but said: “We announced earlier this year that Volvo is not for sale and that we are focused on improving Volvo’s business results.”
Even though Ford has said it has no plans to sell Volvo, the automaker has been having informal talks with interested parties, the sources said guaranteed cash advance.
Ford in March said it was developing a plan that would help Volvo operate on “a more stand-alone basis.”
Analysts have said that Ford, which lost more than $15 billion in the past two years and has abandoned a long-standing goal of returning to profitability in 2009, could do with the extra cash.
The automaker has already sold Aston Martin, Jaguar and Land Rover, disbanding the Premier Automotive Group, whose only remaining brand is Volvo.
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