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Ford preparing to sell Volvo

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LONDON (AP) _ Ford Motor Co. is preparing to sell Volvo, a British newspaper reported Sunday.

The Sunday Times, citing unnamed sources in London, said the decision to sell Volvo was made in the past two weeks, but that the timing of the sale had yet to be decided.

No bank had been appointed to handle the transaction, the newspaper said, adding the deal could be worth US$8 billion.

Ford acquired Volvo from Sweden's Volvo AB in 1999.

Dearborn, Michigan-based Ford sold Aston Martin for US$848 million in March, with some analysts saying the luxury brand did not fit into Ford's long-term survival plan. That plan includes cost savings by developing multiple models worldwide on the same underpinnings.

The possible sale of Volvo comes as the company is struggling to return to profitability in the face of fierce competition from Asian automakers and developing tastes for more fuel-efficient models in its key North American market. It is slashing thousands of jobs and plans to close plants to cut costs.

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Ford preparing to sell Volvo
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