China's Geely Automobile said yesterday that it was involved in a bid for Volvo, making it the only confirmed potential buyer of Ford Motor's Swedish car brand.
The carmaker, through its parent Geely Automobile Holdings, may work with Chinese state investment companies on a bid, Gui Shengyue, its chief executive, said in Hong Kong as the company reported sharply higher first-half earnings. Geely said it wanted to buy all of Volvo, which Ford wants to sell in its entirety.
Geely made an offer for Volvo in August, two people close to the company told the Financial Times, and is talking to banks and other government entities about financing.
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