Stockholm - Cash-strapped US car giant Ford said Monday it was considering "the possible sale" of Swedish car maker Volvo. Ford cited the "significant decline in the global auto industry," as reasons for its moves.
Volvo Cars spokeswoman Maria Bohlin said the company would have "to wait and see" the outcome of the review that the US owner had announced.
Speaking to Swedish radio news, Bohlin said the review would likely take a few months, which was also stated in the Ford statement.
In the meantime, Gothenburg-based Volvo Cars was to continue its efforts to return to profitability, Bohlin said.
"Given the unprecedented external challenges facing Ford and the entire industry, it is prudent for Ford to evaluate options for Volvo as we implement our one Ford plan," Ford chief executive Alan Mulally said in a statement.
Over the weekend a survey was published suggesting that a majority of Swedes favour the Swedish state's temporary takeover of Volvo Cars if Ford cannot secure Volvo's future.
The survey, commissioned by the Swedish Association of Graduate Engineers, said 60 per cent of Swedes believed there was a big or quite big risk that Volvo Cars would disappear from Sweden in a few years.
A majority, 64 per cent, favoured the state's stepping in and offer the cash-strapped company a loan if necessary, while 68 per cent favoured temporary state ownership.
Market research group Novus conducted the poll among 1,000 voters, the Dagens Nyheter newspaper reported.
The engineers' association said state-ownership should be viewed as a "temporary parking spot."
Swedish Finance Minister Anders Borg did not "rule out any options" when interviewed on commercial broadcaster TV4's morning show on Saturday.
Borg said that he "did not believe in state ownership," adding that it was necessary to look at all options.
The finance minister said European Union rules on state support to companies could prove a stumbling block, and the companies needed "long-term viable industrial owners."
