Ford Motor Co. is now thinking of selling Volvo, which is the company’s only remaining auto brand that they have in Europe. The plan to sell Volvo comes just one day before Ford have to meet with the Federal lawmakers, where they will have to present to them their survival plan.
Ford acquired Volvo in 1999 for $6.4 billion, but the worldwide auto decline has Ford in to this position. Ford had planned a two-year strategy for the Swedish brand, and now that plan has been thrown out of the window.
The move from Ford to sell Volvo will show Congress that the American automaker is taking serious action when it comes to reshaping their operation, which is what they need to do if they are to get any federal money.
Read the full article from Bloomberg