The Volvo V70
General Motors and Ford Motor have approached Sweden’s government about financial aid for their lossmaking Saab and Volvo brands.
Related article: Ford Says It May Sell Volvo, Its Last European Brand
GM and Ford want to bolster the two marques’ finances in anticipation of selling them as the Detroit carmakers grapple with a cash crunch that threatens their survival.
Stephen Odell, Volvo’s chief executive, and Saab’s managing director Jan-Ake Jonsson have separately spoken to Maud Olofsson, Sweden’s industry minister, and other officials about securing funds, according to several people familiar with the discussions.
Ford and GM will both tell the US Congress they have long-term plans to dispose of the brands this week when they present detailed business and financial plans to support their request for $25bn of emergency funding.
Tags: Bailout, Cars, Ford, General Motors, GM, Government, Politics, Saab, Sweden, Taxpayers, Volvo
