DETROIT — Ford Motor (F) said Monday it is considering the possible
sale of Volvo, its Sweden-based luxury automaker.
"Given the unprecedented external challenges facing Ford and the
entire industry, it is prudent for Ford to evaluate options for Volvo
as we implement our ONE Ford plan," company President and CEO Alan
Mulally said. "Volvo is a strong global brand with a proud heritage of
safety and environmental responsibility and has launched an aggressive
plan to right-size its operations and improve its financial results.
As we conduct this review, we are committed to making the best
decision for both Ford and Volvo going forward."
Ford said the review likely would take several months to complete.
Volvo is the last remaining brand from Ford's former premium auto
group, which included the now-divested Aston Martin, Jaguar and Land
Rover brands.
Earlier this year, Ford sold its luxury Jaguar and Land Rover brands
to India's Tata Motors. Ford also agreed to sell about two-thirds of
its 33.4% stake in Japanese automaker Mazda Motor for around $538
million in November.
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