Jason Moore, a 35 year old freelance writer from Austin, Texas. He also works as a marketing analyst for an established auto parts store in the country.
Ford part of the once renowned Detroit’s Big Three and producer of top-of-the-line Lincoln catalytic converter has released a statement refuting reports circulating in both UK and US that the automaker will dispose of its profitable Swedish unit, Volvo.
Sunday Times has reported yesterday that Ford has decided two weeks ago to sell Volvo for as much as US$8 billion. The Sunday Telegraph has also reported that Ford was willing to listen to offers from potential buyers of the automaker and would make a final decision on whether to proceed after completing the sale of its Land Rover and Jaguar businesses.
Ford said last month that it was conferring with investment bankers about options for Jaguar and Land Rover. The Dearborn, Michigan-based automaker is trying to restore a profit after recording a US$12.6 billion loss last year. The Sunday Times has reported last July 8 that Ford has set a deadline for bids to buy Jaguar and Land Rover.
Ford spokesman John Gardiner has declined to comment on reports in UK newspapers and refrain from saying whether there was a deadline for expressions of interest in Jaguar and Land Rover.
It can be remembered that Ford bought Volvo Cars from Volvo AV in 1999 for US$6.45 billion to become a part of the Premier Automotive Group of luxury-brand cars together with Jaguar, Land River, and Aston Martin. Ford sold its Aston Martin last March to a group of investors led by the UK auto-racing champion David Richards for US$848 million. However the sale was concluded only last May.
With the sale of the Aston Martin, rumors have started circulating of the possible sale of Volvo, Jaguar, and Land Rover brands.
Volvo’s sales for this year is expected to surpass its 2004 record of 456,000 cars and sport-utility vehicles with the helped of new models and the increased in demand in Russia that is according to Fredrik Arp, the division’s chief executive officer in an interview last June 26.
At present Volvo is focusing its efforts to expand other markets such as in Russia, China, and India in order to match the growth of its competitors such as Volkswagen’s Audi luxury division and BMW’s luxury cars.
Speaking of BMW, the Sunday Times has reported that the world’s largest maker of luxury cars is interested in bidding for Volvo. Other automakers were also reported of showing interest on Volvo and these are Renault SA, Hyundai Motor Co and an unnamed Chinese manufacturer.
The Sunday Times has also stated that private-equity companies may also be attracted to buy Volvo. But of course all these would remain as mere speculations unless Ford will formally announced that it will sell Volvo.
- Related Articles
- Related Q&A
Learn how to select the right car shipping company
By: Miguel Covarrubias | 14/11/2009Many people think of driving their car from one part of the country to another and avoid the services of an auto transport company. They do not realize how difficult it is to drive from one country to another.
Wholesale Bluetooth Car DVD Player
By: Felicia luo | 14/11/2009Among the varieties of Car Audio and Video accessories such as Car DVR, Car Stereo Systems, Mirror Monitors and Car DVD, today we will select one of the most outstanding categories to recommend you the best Car devices for you to enjoy while driving. That is, Bluetooth Car DVD.
Is Short Term Car Insurance For Everyone?
By: Robert Linley | 14/11/2009As you know, once you start driving a vehicle you will need to be insured as well as your vehicle. You want to make sure if anything would occur that it would be taken care of and you would not have to worry about how you will pay for damages. Short term car insurance is one option for a few but not for all. If you are someone who does not drive frequently or stops driving when the severe weather gets here, this may be for you.
Are You Looking For Budget Car Insurance In The UK?
By: Robert Linley | 14/11/2009If you are a new driver in the United Kingdom or have just decided it is time to look for a new car insurance company then this is the article for you. Looking for budget car insurance in the UK may seem stressful to some when they do not have the extra time to shop around and receive more than one quote from different companies.
Temporary Car Insurance for Under 21-The New Drivers
By: Robert Linley | 14/11/2009If you are someone who just recently passed their drivers permit this means you will need car insurance. Many companies will not allow a new driver to sign up for coverage without having you under someone you are related to. This is for their safety as well as for other reasons.
Do You Need 1 Week Car Insurance?
By: Robert Linley | 14/11/2009As you know car insurance just like any other type of insurance is usually for at least a year or so. You sign a contract and if you decide to cancel with their services you will be penalized with an additional fee. But if you need only 1 week car insurance where do you go to get it? Why should it be a problem to find temporary insurance for those who do not need to drive each and every day?
Are You In Need Of Temporary Car Insurance
By: Robert Linley | 14/11/2009Are you in a situation where you may need car insurance but you will not necessarily need a policy to last you for a year or even longer? Many insurance agencies will not provide you with temporary car insurance. If you already have a policy it may only cover your car and not a temporary. So what do you do then? You do not want to open up a policy for one car that you may just need for a few days or weeks and then have to throw that money out on another policy.
Used Car buying Guide for Jaguar S Type
By: Q Rehman | 13/11/2009Find how to buy a used car. Buying a used car could be an expansive or pleasant shopping experience it all depends on how much you know about the car. Article is focusing on providing you all the detail you need before making a deal of used Jaguar S TypeCar.
Avanti: the American Alternative to European Sports Cars
By: Jason Moore | 20/07/2007 | AutomotiveThe 2007 Avanti is still built on a Mustang chassis. The car is available in a convertible model, in a standard Mustang top, or a coup with a unique side and back roof.
Chrysler Dropped Plans on the Imperial Luxury Sedan
By: Jason Moore | 20/07/2007 | AutomotiveChrysler has announced that it is dropping its plans for a new Imperial luxury sedan due to the rising gasoline prices and tougher fuel-economy regulations.
Top Ten Cars you Won't Find in the US
By: Jason Moore | 20/07/2007 | AutomotiveForbes.com has released their list of top ten cars that you won’t find in the US. The list includes cars such as Alfa Romeo Spider V6, Aston Martin Vanquish S and many others.
Suzuki to Add Huf 50 Billion in Hungary Plant
By: Jason Moore | 20/07/2007 | AutomotiveDaily Világgazdaság has reported recently that Suzuki’s local subsidiary is planning to step up production as its number of employees is seen to grow from 5,000 to 6,000 by the end of next year.
Greg Norman to Endorse Land Rover
By: Jason Moore | 19/07/2007 | AutomotiveLand Rover North America has recently launched a bold marketing campaign that features professional golfer and Land Rover brand endorser, Greg Norman. The new marketing campaign is a continuation of the "Designed for the Extraordinary" marketing campaign.
Kia's Summer Offerings
By: Jason Moore | 19/07/2007 | AutomotiveKia has prepared special offerings for this summer season that buyers will surely love. The automaker will also offer a unique discount scheme that will surely make other automakers to rethink that gimmick that they will be using for their products.
Speculations Increase on the Possible Selling of Volvo
By: Jason Moore | 19/07/2007 | CarsFord part of the once renowned Detroit’s Big Three has released a statement refuting reports circulating in both UK and US that the automaker will dispose of its profitable Swedish unit, Volvo.
New 380 Sells Low Price Strategy
By: Jason Moore | 19/07/2007 | AutomotiveMitsubishi Group of Companies has reinvented its Adelaide-built 380 sedan by introducing a Series III with high value but low price strategy.