Ford Reviews Swedish Options

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Ford Reviews Swedish Options

By Zacks Investment Research on December 2, 2008 | More Posts By Zacks Investment Research | Author's Website

Ford Motor Co (F) began exploring strategic options for Volvo, the last luxury European brand in its stable, a day before it makes a stronger case for financial assistance before US lawmakers. While appeals to the domestic government may fail, the company has now opened up its case for support from Sweden.

Both Ford and General Motors (GM), which operates the profitless Saab car brand, are large employers in the Scandinavian country. Volvo has said it will cut 6,000 jobs worldwide, more than half of which are in Sweden. The Swedish government may be forced to provide aid to the struggling US auto industry in order to avoid rising unemployment in its own economy.

Ford said review of options for Volvo, which lost $458m before taxes in the third quarter, is expected to take several months. The second-largest US carmaker once boasted of European brands like Aston Martin, Jaguar and Land Rover. Both Ford and GM shares gained Monday morning, after news of talks with the Swedish government was confirmed.

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