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Ford may sell off Volvo, the Swedish firm following Jaguar and Land Rover
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While praising Volvo as a “strong global brand,” Ford Motor Company president and CEO Alan Mulally said Ford may need to find another home for the Swedish company as it “re-evaluate(s) strategic options for Volvo…in response to the significant decline in the global auto industry particularly in the past three months and the severe economic instability worldwide.”
Ford will take “several months” to complete a review of its relationship with Volvo, but will continue to work with Volvo on its own restructuring. Additionally, subsequent to the dissolution of Ford’s Premier Auto Group following the sales of Aston Martin, Jaguar and Land Rover, Ford and Volvo will continue to work to enable Volvo to operate as a standalone unit.
“Outstanding safety, an increased focus on environmentally friendly vehicles and contemporary Scandinavian design will continue to be the foundation upon which we will build a strong Volvo business for the future,” said Stephen Odell, Volvo CEO.
“We have a strong brand presence in Europe, North America and the Asia Pacific region, and are growing in key markets such as China and Russia, where we are the leading premium brand.”
No mention was made regarding who might be interested in buying Volvo or how much a sale would bring into Ford’s coffers, but with the Big Three car companies going hat in hand to would-be congressional patrons, it would not be surprising to see in the incoming Democratic-controlled Congress looking more after the welfare of its UAW donors than Ford’s investments overseas.
If so, Ford’s “strategic option” would be to load up the Swedish longboats, say thanks it’s been fun but we’ll take the cash, please.
Illustration: Swedish-market 2008 Volvo XC70 D5. Photo by John Matras.
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