Report: Volvo Sale to China’s Geely Pegged for October

Report: Volvo Sale to China’s Geely Pegged for October
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Ford’s sale of Swedish automaker Volvo to China’s Geely Automotive may start next month.

According to a report in Swedish business daily Dagens Industri, Geely is the only company to actually submit a competitive bid. In July Ford reps commented that the automaker was discussing with several potential buyers.

Ford has reportedly set the a deadline of this year to sell-off its money-losing Volvo unit, which it put up for sale just before the economy turned sour. In order to solidify the deal by then, Ford would need to begin a preliminary sell-off by October.

With the economy turning around, however, and Ford profiting off the struggles of not just GM and Chrysler, but also foreign giants like Toyota, it may not be so eager to take just any bid to part with Volvo.

[Source: Automotive News]