The sale of Volvo to another company has become a condition of Ford receiving federal loans from the U.S. government, according to a new report. As such, Ford is said to be in a “desperate attempt to sell its prestigious Volvo brand,” according to the U.K.’s Daily Mail.
“The sale of Volvo has become part of the conditions of Government assistance,” IHS Global Insight analyst Aaron Bragman told the newspaper.
A unnamed source told the Mail the price for the Swedish automaker has “dropped considerably since seeking a sale in the summer.” China’s Shanghai Automotive Industry Corporation is said to be strongly considering an acquisition at the new low price point.
Other potential bidders purportedly include India’s Tata Motors, China’s Dongfeng Motor Group, Hyundai , and U.S. private equity firm Texas Pacific Group.
