Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Hot on Facebook
Uproar After NC State Agent 'Fixes' Girl's Lunch Preschooler has to eat chicken nuggets instead of mom's meal »

Ford May Sell Off Volvo

Company's US sales off 28% in '08; Swedish government in talks

By Gabriel Winant,  Newser User

Posted Dec 1, 2008 10:29 AM CST

(Newser) – Ford is looking to cut costs wherever it can, and that might mean selling off its Volvo unit, the Wall Street Journal reports today. US sales for Volvo dropped off 28% in the first 10 months of 2008, and Ford, bleeding cash, plans to trim down and focus on its namesake brand; it’s already sold off other luxury brands like Jaguar.

Says Ford chief Alan Mulally, “Given the unprecedented external challenges facing Ford and the entire industry, it is prudent for Ford to evaluate options for Volvo.” The government of Sweden—where Volvo and Saab, which is owned by General Motors—is involved in talks on the companies’ future, the Journal adds.

Ford CEO Alan Mulally testifies on Capitol Hill, Nov. 19, 2008, before a House Financial Services Committee hearing on the automotive industry bailout.
Ford CEO Alan Mulally testifies on Capitol Hill, Nov. 19, 2008, before a House Financial Services Committee hearing on the automotive industry bailout.   (AP Photo)
Cars loaded on a truck at the Volvo Torslanda factory in Gothenburg, Sweden, Sept.12, 2008.
Cars loaded on a truck at the Volvo Torslanda factory in Gothenburg, Sweden, Sept.12, 2008.   (AP Photo)
Volvo's US sales are down 28% for 2008.
Volvo's US sales are down 28% for 2008.   (AP Photo)
« Prev« Prev | Next »Next » Slideshow
To report an error on this story, notify our editors.
A snapshot of the day's best news stories.
 
COMMENTS
Be the first to comment on this story.

More Newser Stories

Ford's Now Building Smartphones on Wheels

Ford Sells Volvo to China

Ford Sweeps Detroit Auto Show

Ford in Deal to Sell Volvo to Chinese

GM to Close Down Saab


NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   Betty Confidential   |   BuzzFeed   |   Cracked   |   Fark   |   Timelines   |   The Frisky   |   Geek Sugar   |   NewsOne