Ford Motor Co. once the market leader, which known for its luxury cars, is planning to sell its Swedish carmaker Volvo. Ford Motor acquired Volvo in 1999.
German carmaker BMW has shown its interest to buy Volvo and it is speculating that both giants are in formal talk for Volvo for couple of months.
On the speculation, spokesperson for Volvo cars refuses to say anything
We cannot comment on speculation, this is a question for our owner
In the last fiscal year American’s automakers has lost their ground to the Asian rivals. Including GM, which ruled the auto market and retained leader for consecutive 76 years slipped to the second and third position. Ford Motor has lost its North American market to economic Asian autos.
Increasing oil prices left carmaker forlorn and helpless. Ford’s SUV were the darling of customers, its truck and mini truck were in the customers top list, but its engulfing oil engine force it out of market.
After losing billions in the last fiscal year, auto giant introduced reconstruction plan, in which company succumbed to closed its units and reduce its workforce in the wake of cutting down its expenses.
Image: businessinnovationinsider
Via: theautochannel
