Ford is in talks with the Shanghai Automotive Industry Corporation, China’s biggest car-maker, in a desperate attempt to sell its prestigious Volvo brand.
A source close to the American motor giant said it recently made a second approach to SAIC, which already owns the rights to the MG car marque.
Earlier talks in the summer faltered over price. Ford, which bought Volvo for
£4.4billion in 1999, is said to be hoping the sale will fetch £4 billion.
The disposal would send an important signal to the US Congress that Ford is taking major action to restructure its business in return for a massive cash injection.
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