After the battle for Opel came down to only two companies, RHJ and Magna International, Volvo turned into the most attractive target for many automakers out there who want to purchase the ailing Swedish brand. As usual, Chinese carmakers are involved in almost every selling process and Volvo's is no exception to the rule. As we're sure you know, Geely is one of the interested parties and is even referred to as the favorite to take ownership of Volvo.
But it appears that BAIC, who lost the fight for Opel due to intellectual properties issues, is also planning to purchase the Swedish unit, according to recent media reports.
"We've been in discussion with a number of parties concerning the future of Volvo, and that situation hasn't changed," Ford spokesman John Gardiner told Dow Jones. "It's still the case that Volvo is held for sale, and it's probable that Volvo will be sold," said Gardiner. "But this process will still take some time to unfold."
Details on the bids of the two are still sketchy but it was initially said that Geely plans to offer around $2 billion and maintain Volvo's domestic operations untouched. Additionally, the company would partner with a Swedish investor to comply with Volvo's workers' demands after they said an inexperienced Chinese owner would do no good to the company.
Additionally, Geely has already purchased a site in China that would reportedly be used for building a Chinese plant for Volvo and manufacturer several models especially for the domestic market.
But it appears that BAIC, who lost the fight for Opel due to intellectual properties issues, is also planning to purchase the Swedish unit, according to recent media reports.
"We've been in discussion with a number of parties concerning the future of Volvo, and that situation hasn't changed," Ford spokesman John Gardiner told Dow Jones. "It's still the case that Volvo is held for sale, and it's probable that Volvo will be sold," said Gardiner. "But this process will still take some time to unfold."
Details on the bids of the two are still sketchy but it was initially said that Geely plans to offer around $2 billion and maintain Volvo's domestic operations untouched. Additionally, the company would partner with a Swedish investor to comply with Volvo's workers' demands after they said an inexperienced Chinese owner would do no good to the company.
Additionally, Geely has already purchased a site in China that would reportedly be used for building a Chinese plant for Volvo and manufacturer several models especially for the domestic market.