Ford Motor Company, in a bid to raise much-needed cash, announced today that it is exploring options to sell its Swedish subsidiary, Volvo . Ford has owned 100 percent of Volvo, the last foreign brand that composed Ford’s ill-fated Premier Automotive Group, since 1999.
“Given the unprecedented external challenges facing Ford and the entire industry, it is prudent for Ford to evaluate options for Volvo as we implement our ONE Ford plan,†Ford President and CEO Alan Mulally said in a statement released by the automaker.
Ford says that the strategic review of Volvo will take months to complete, but the automaker says it is committed to Volvo for the time being.
The announcement coincides with Ford, General Motors and Chrysler ’s meeting with the United States Congress tomorrow to present their proposal for a $25 billion loan.
Suitors for Volvo are unknown at the moment.
