A US-led consortium has entered the race to buy Volvo from Ford, according to a report in the Financial Times.
China’s Geely Automotive is believed to be the favourite to sign the loss-making Swedish firm, but the so called Crown consortium has reportedly already secured funding from US private equity groups.
Funding is also believed to have come from Swedish investors, in a bid to ensure the company stays in its native country.
The paper reports the consortium is fronted by former Ford director Michael Dingman and former Ford and Chrysler executive Shamel Rushwin.
Crown’s bid is believed to be significantly less than what Geely has offered, but both offers reportedly promise a similar amount of investment.
None of the firms involved have commented on the reports.