LONDON, July 15 (UPI) -- Ford is putting Volvo up for sale in a bid to raise $8 billion to shore up its domestic core business in the United States, it was reported Sunday.
Volvo, acquired by Ford eight years ago for $6.95 billion, is the flagship of Ford's Premier Automotive Group, a stable of luxury European cars Ford bought during an expansion in the 1980s and 1990s, The Sunday Times reported.
Ford began dismantling its premier brand lineup this year when it sold Aston Martin in a deal worth $858 million. This week Ford is to take bids on Jaguar and Land Rover, being sold as a pair, in a deal that could be worth $2 billion, the newspaper reported.
Volvo, which is larger than Aston Martin, Jaguar and Land Rover, employs 27,500 people and makes about 500,000 cars annually at plants in Sweden and Belgium. Renault could be a bidder, while other automotive bankers believe BMW, Hyundai or a Chinese car manufacturer may be interested.
"They are getting a lot of people coming to them with ideas because Volvo is an attractive asset," said an automotive industry source.
