Ford Reporter

The UK`s Sunday Mail is reporting something very interesting. Ford has returned to SAIC(Shanghai Automotive Industry Corp. in order to sell Volvo to them. SAIC is one of the leading contenders to snap up Volvo. Ford wants to sell Volvo after almost 2 years in which they said it wasn`t for sale. I gues the Crisis really affected them. More surprisingly they sell Volvo on a lower price than they originally bought it, $6 Billion, instead of $6.4 Billion.

Besides SAIC, Hyundai Motor CO. is also interested in buying Volvo as well as the Swedish government. It`s still unclear how the sale of Volvo to SAIC will affect the sales of Volvo Cars.We`ll just have to wait and see.

In 1999 Ford bought Volvo for $6.4 Billion and now, in plain crisis they want to sell the Swedish brand for $6 Billion in an attempt to cut the costs. Well, Volvo isn`t exactly the hottest catch since the entire auto market is struggling to stay alive and the reported sales were down 24% in the third-quarter. Volvo has cut thousands of jobs and has been in recent talks with the Swedish government about some financial support. A few buyers already made their appearance:SAIC Motor Corp from China,Hyundai Motor Co., from South Korea and the Swedish government which can become the temporary owner until a suitable industrial buyer is found.
We hope the best for Volvo since they gave us a few cool cars: S60, S80, XC90,etc.