The $8 billion Volvo
That’s the sticker price Ford is putting on their Volvo division.
According to Forbes magazine’s website, two British newspapers – the Sunday Times and the Sunday Telegraph – are reporting that Ford has set that as the price, and that the decision to sell Volvo was made a month ago. Sale of Volvo would effectively eliminate the Premier Auto Group, as Ford has already sold Aston-Martin and it has set next week as the deadline for initial bids to buy the Jaguar and Land Rover unit.
According to the Sunday Times, Ford paid $6.95 billion for Volvo when it bought the company in 1999. But an $8 billion dollar pricetag now would not mean that Ford made a profit on the sale, as the currency exchange rates are now different, with the dollar weaker than it was in 1999 against European currencies.