New report finds China’s Chery interested in Ford’s Volvo brand
07/08/2008, 10:28 AM
By Drew Johnson
Some rumors just never seem to die, and it looks as though Volvo’s impending sale falls directly under that heading. The latest report speculates that China’s Chery auto group is interested in placing a bid for Ford’s Volvo brand.
The Swedish automaker has been at the center of several recent sale rumors, with possible suitors including Renault, Dongfeng Motor Group and SAIC.
According to the Automotive News report, Chery hasn’t yet asked for permission to acquire the Volvo brand from its home government of Anhui, but has reportedly reached out to banks and private equity firms about raising capital for such a purchase. The latest estimates have Volvo valued at $4.4 billion.
As always, Ford continues to deny it has any plans to sell Volvo. Amid the sale rumors, Volvo is still working to move the brand further up scale.
07/08, 10:33 AM
posted by:
Carwatcher
Money talks and bull**** walks! Volvo is for sale if Ford admits it or not.
07/08, 10:38 AM
posted by:
johnnycanuck
Maybe they just want to be first on the block with a car that doesn’t crumble like a fortune cookie.
07/08, 10:43 AM
posted by:
mayer_ray_nagin
Haha.
Sell off Europe to China! Guess you can kiss those 6 or 7 week vacation allotments goodbye!
07/08, 10:59 AM
posted by:
xyunya
If estimate of 4.4 billion is not a figment of authors imagination, this is incredible mismanagement on Ford’s part. I guess I am not stating something new, but almost 10 years ago Ford payed over 6 billion for the same business. Considering inflation during those short years, Ford pissed away over 8 billion on one marquee alone.
07/08, 11:06 AM
posted by:
bigdawg
Ford may need $, but I think it would be a mistake to sell off Volvo.
07/08, 11:12 AM
posted by:
F451
Another very cultural car now destined to be further tarnished as the hand of foreigners.
07/08, 11:28 AM
posted by:
johnnycanuck
xyunya: ironic isn’t it? Most people would be ecstatic to get over 50% of the original price on a 10 year old Volvo.
07/08, 12:25 PM
posted by:
mayer_ray_nagin
I wouldn’t pay 50% of MSRP for a new Volvo.
07/08, 12:51 PM
posted by:
shaver
2 of the European flavors, English and Swedish are in serious jeapaordy. Leaving only German, Italian, and French influenced vehicles to, its a shame. I like the variation, especially when travelling.
07/08, 1:09 PM
posted by:
golf4me
Only thing Volvo ever “had” was safety. Now, everyone has that and Volvo is just another low volume, too-expensive-for-what-it-is, puny dealer network-havin, ball and chain brand. Ford, take the 4 bil and run. Put the 4 bil into Lincoln and create a nice RWD platform, please.
07/08, 1:10 PM
posted by:
golf4me
The last good, true, unique Volvo was the 242/244 anyway.
07/08, 2:03 PM
posted by:
brassmonkey
Naw, take the 4.4 and prop up Mercury for 5 more years, then let it die!!
07/08, 2:38 PM
posted by:
hateful83
Everythings for sale! Just name your price! On a different yet similar subject, I read Volvo plans to move upmarket, along with Acura. What’s with this abandonment of the entry level luxury class? Must be a result of the ever decreasing middle class and the expected switch to either uber rich, or dirt poor.
07/08, 2:38 PM
posted by:
Boxster2.7L
If I was Ford I would seriously consider ditching Mercury. Why would you want to keep competing with luxury clones of all the vehicles that you sell? It just doesn’t make sense. The Mercury division has not come out with a truly fresh product in a long time…it is time for the brand to go the way of the dodo.
07/08, 2:43 PM
posted by:
TOZO
Give Mercury to Chery instead. They’re idiots. They’ll take anything they’ve ever heard of. The Chinese even took MG, Rover and SsangYong! So, just give them the already trashed brand. And that goes for GM too: Buick.
07/08, 3:28 PM
posted by:
RaineMan
For a second there I thought it said “China’s Chery interested in Ford’s Vulva.”
Shameless… but I had to do it…
07/08, 5:17 PM
posted by:
THawkoo
TOZO – LOL. I wholeheartedly agree.
Though Buick in China is like the most popular brand of cars or something. It outsells Chevy there.
GM should hold onto it just for that. If the Chinese ever seem to start to tire of the brand — then sell it to them. LOL
07/08, 6:38 PM
posted by:
1c3d0g
TOZO: exactly!
THawkoo: agreed.
07/08, 7:29 PM
posted by:
02WRXPSM
johnnycanuck, you can’t *buy* a 10-year-old Volvo. Grandma and Grandpa are still driving it! The record-holder for the most miles ever driven by a car is held by a Volvo 1800 Coupe (over one million miles) that would still be driving if Volvo hadn’t bought it back to put it in a museum at corporate HQ.
07/08, 10:47 PM
posted by:
johnnycanuck
…unfortunately it may have a few more miles on it if this story plays out.
07/09, 1:30 AM
posted by:
Carwatcher
02WRXPSM,
You mean Irv Gordon’s 1966 Volvo P1800 with over two-million miles. He bought the car new and rebuilt the engine at 600,000 miles.
07/09, 5:05 AM
posted by:
Veda
Too bad, cuz the new S80 is an awesome vehicle.
07/10, 8:57 AM
posted by:
beantownslut
Ford should keep Volvo