Ford names China's Geely as preferred bidder for Volvo

Chinese automaker Geely Group Holding Co. is Ford Motor Co.'s preferred bidder to purchase Volvo Car Corp.

Ford said Wednesday that it will start more detailed negotiations with Geely, adding that no final decisions have been made.

"Ford believes Geely has the potential to be a responsible future owner of Volvo and to take the business forward while preserving its core values and the independence of the Swedish brand," Ford Chief Financial Officer Lewis Booth said in a statement.

Ford said it does not intend to retain a shareholding in Volvo but will continue to work with the automaker in several areas after a possible sale.

By Douglas A. Bolduc- Automotive News Europe