If you’re not going to take government cash, you gotta do something:
Bloomberg: Ford Motor Co. may get $1 billion to $2 billion for its Volvo Cars unit, less than a third of what it paid 10 years ago, as it conducts sale talks with more than three bidders, a person familiar with the discussions said.
Shedding the Swedish automaker, the last piece of Ford’s failed strategy to boost profit with European luxury brands, may take six months to complete, said the person, who asked not to be identified because the negotiations are private. The person wouldn’t name the potential buyers.
Battered by a record $14.7 billion loss last year, Ford is trying to raise cash and buttress its balance sheet to remain the only major U.S. automaker not receiving federal aid. General Motors Corp. and Chrysler LLC are operating on $17.4 billion in low-cost U.S. loans.
Photo: Flickr/Pink Dispatcher
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.