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Oct. 28, 2009 / 12:14 PM

Ford in talks to sell Volvo

Volvo introduces the S60 concept car at the North American International Auto Show at the Cobo Center on January 11, 2009 in Detroit, Michigan. (UPI Photo/Brian Kersey)

Volvo introduces the S60 concept car at the North American International Auto Show at the Cobo Center on January 11, 2009 in Detroit, Michigan. (UPI Photo/Brian Kersey) | License Photo

DEARBORN, Mich., Oct. 28 (UPI) -- Ford Motor Co. said it is talking with Chinese automaker Geely concerning the possible sale of Volvo, the Swedish brand it bought in 1999.

In a statement, Ford Chief Financial Officer Lewis Booth said, "Ford believes Geely has the potential to be a responsible future owner of Volvo and drive operations forward while at the same time preserving the company's core value and its independence as a Swedish brand."

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Ford said it would sell the company outright without retaining any portion of Volvo, Swedish news agency Tidningarnas Telegrambyra reported Wednesday.

At Volvo Cars, Chief Executive Officer Stephen Odell said, "Volvo's leadership welcomes today's news as a positive step forward."

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