Ford may sell Volvo

Car giant Ford is considering selling Volvo, the Swedish car builder, in the wake of a “significant decline” in the motor industry, the company announced today.

Ford said it was re-evaluating strategic options for Volvo, including its possible sale.

Ford said the review was in line with a broad range of actions the firm is taking to strengthen its balance sheets.

Alan Mulally, Ford’s president, said: “Given the unprecedented external challenges facing Ford and the entire industry it is prudent to evaluate options for Volvo.

“Volvo is a strong global brand with a proud heritage of safety and environmental responsibility.”

Ford said the review would take several months to complete.

Engines for Volvo cars are made at Ford’s factory in Bridgend, South Wales, while some development work is carried out at the firm’s factory at Dunton in Essex.