Ford could sell Volvo this year

Car giant Ford has confirmed it might sell Swedish subsidiary Volvo. The troubled US carmaker said it was conducting a strategic review the future of Gothenburg-based Volvo.

Rumours have been circulating for months that Ford would sell the Swedish manufacturer. These have been fuelled by the sale of Aston Martin and moves to sell Jaguar and Land Rover. The three marques were all part of Ford’s Premier Automotive Group, to which Volvo also belongs. The sale of Volvo would provide much needed cash for Ford.

The strategic review on Volvo’s future will be complete by the end of the year. Meanwhile, the US company defied analysts expectations by announcing second quarter profits of $745 million. The profits follow seven straight quarters of huge losses and the axing of 45,000 jobs.