Volvo Bidding: China's Geely "Preferred," Says Ford

DEARBORN, Michigan — Ford says it has finally decided on its suitor for Volvo. The bidding for the Swedish brand has come down to Zhejiang Geely Group Holding Co., Ltd., according to a Ford statement issued on Wednesday morning.

While emphasizing that "no final decisions have been made," Ford said that it will be "engaging in more detailed and focused negotiations with Geely."

"Ford believes Geely has the potential to be a responsible future owner of Volvo and to take the business forward while preserving its core values and the independence of the Swedish brand," said Lewis Booth, Ford executive vice president and chief financial officer. "But there is much work that needs to be completed in the more substantive discussions that are agreed to take place. We have no specific timeline to conclude the discussions."

Geely apparently shut out several other suitors for Volvo. The other bidders included China's Beijing Automotive Industry Holding and the Crown Group, according to media reports.

Inside Line says: Volvo appears poised to go into the hands of Geely, barring any last-minute glitch in talks. — Anita Lienert, Correspondent