Reports: Ford ready to sell Volvo

GOTHENBURG, Sweden, July 16 (UPI) -- Ford Motor Co. is ready to talk to interested buyers about selling its Swedish Volvo car division, published reports said Monday.

The decision reverses Ford's earlier position the luxury brand was not for sale, The Wall Street Journal and New York Times reported.

One possible bidder is German luxury automaker BMW, the Times said. BMW once expressed an interest in Volvo and asked Ford for information about the division, European media reports said in May. Ford said at the time Volvo was not for sale.

The shift follows a Ford directors meeting last week and comes as the Dearborn, Mich., automaker also is trying to sell its Jaguar and Land Rover European luxury brands, which analysts estimate could bring in $8 billion, if sold together, the Times said.

Ford sold its luxury Aston-Martin sports car division for $848 million in March.

It paid $6.5 billion for Volvo AB's car operations in 1999.

The four European luxury brands have had losses of $4.8 billion since 2004, the Journal said.

A Ford spokesman said the automaker wasn't in discussions with any Volvo bidders but is "assessing a number of strategic options."