Buyers eyeing Volvo Cars: Ford

US car maker Ford revealed on Wednesday it is in detailed talks with potential buyers for its Volvo Cars subsidiary.

“Ford has held preliminary discussions with several parties interesting in buying Volvo Cars,” spokesman John Gardiner said in a written statement.

The US company “has been pleased with the number and quality of these parties, and preliminary discussions have been held to ascertain their level of interest in the Volvo business,” he added.

“Ford is now talking in more detail to these interested parties about the future for Volvo,” he said.

Gardiner said that, while the talks could lead to a sale of the beleaguered Swedish company, “no final decisions have been made at this stage and this process will still take some time to unfold.”

Contacted by AFP, he refused to disclose the names or nationalities of the potential buyers, and said no timeframe had been laid out.

“We haven’t quantified the timing but the process will take time,” he said.

On March 10, the Financial Times reported that China’s second-biggest carmaker Geely was interested in buying Volvo Cars, citing sources close to the dossier.

Ford, which unlike the two other big US automakers General Motors and Chrysler has not received federal aid, announced in December that it was considering selling Volvo Cars.

It acquired the Swedish brand in 1999 for 6.45 billion dollars.

Volvo Cars holds 1.3 percent of the European market and 0.5 percent of the US market, according to Ford.

Volvo Cars employs some 20,000 people worldwide, including 15,000 in Sweden.