Shanghai, July 31 (Gasgoo.com) Ford Motor has slowed the bidding process for its Volvo unit in an effort to get a better price for the Swedish car brand, and Beijing Auto is set for the Volvo bidding after failing in the Opel buy last week, sina.com said today.
Sources said Ford has decided to wait for General Motors to wrap up the sale of its Opel unit in Germany, and is hoping to invite a loser in that two-way bidding race to bid for Volvo. GM is likely to finalize an Opel buyer in three to four weeks.
Three players are potential bidders for Volvo: A group led by China's Geely Holding Group, Beijing Automotive Industry Holding Corp (BAIC) and a group of investors based in Europe. The three were supposed to submit final bids for Volvo in mid-July, and Ford had intended to choose a buyer relatively quickly.
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