Chery was approved to bid for Ford Volvo

China’s top economic planner has approved of Chery Auto’s plan to buy the Volvo, Shanghai-based Oriental Morning Post reported today.

The media report added that another Dongfeng Motor has also submitted its Volvo-bidding plan to the National Development and Reform Commission (NDRC). However, the Chery’s spokesman denied it.

Ford put Volvo up for sale late last year to raise cash, but has found little interest in the brand, because many potential buyers are facing similar crisis and the nearly $6 billion needed for buying Volvo is a prohibitive price for most carmakers.

source: gasgoo.com

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