China allows Chery to bid for Volvo

Posted by Harvinder

March 9, 2009

Words are being exchanged within the motoring fraternity that the Chinese Government has given the green light to Chery to make a bid to purchase Swedish-based Volvo from Ford. The American auto maker which has decided to let the Volvo brand lose is rumored to be looking for an estimate of US$ 6.45 billion to part ways with the Swedish auto maker.

Other Chinese-based auto makers which were rumored to be interested in taking over Volvo included Dongfeng and Changan, but representatives from both organizations declined it. We will bring you the latest updates, stay tuned!