Volvo likely to be sold

Bombay News.Net
Monday 1st December, 2008

Volvo could be sold in the US automaker scramble to shore up cash reserves.

The Ford Motor Co has said it could sell the luxury Swedish car brand amid the deep industry downturn.

Ford, GM and Chrysler are due to face Congress to submit their restructuring plans, in a bid to win support for a $25 billion rescue package.

Ford has been shedding assets and has said the review of Volvo was part of its efforts to strengthen its balance sheet.

Volvo posted a pretax loss of $458 million in the third quarter versus a loss of $167 million a year ago.

Volvo is the last remaining brand from the Ford stable, which once boasted the now-divested Aston Martin, Jaguar and Land Rover brands.

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