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The Swedish government has said it has been in talks with Volvo and with General Motors Corp.'s (NYSE: GM | Quote | Chart | News | PowerRating) Saab unit following disclosures that the U.S. parent companies were seeking aid for their Swedish carmakers.
Goteborg-based Volvo Cars, which Ford bought in 1999, has been struggling against a weak U.S. dollar and declining demand. According to Autodata Corp., Volvo sales through October are down more than 28 percent compared to the month in 2007.
Ford said Monday it expects its strategic review of the Swedish luxury automaker will take several months. The move is one of several actions Ford is taking to strengthen its balance sheet amid what it called severe economic instability worldwide.
Despite its high safety ratings, which makes it a popular, high-end family vehicle, Volvo captured 0.5 percent of the market through October, compared with 0.8 percent a year earlier, which accounts for 3.7 percent of Ford's total sales this year. Ford shares fell 5.2 percent, or 14 cents, closing at $2.55 Monday. Shares were up nearly four percent in early trading.
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