First it was MG then HUMMER and now Volvo looks like it's heading to the land of Dragons and Emperors with Beijing Automotive Industry Holding Corporation announcing its interest in buying Ford's Swedish Volvo car unit.
Beijing Auto is China's fifth-largest carmaker and earlier this month also expressed interest in buying Opel, but no deal eventuated from that. Even if Beijing Automotive does not go through with its intentions, at the moment it seems very likely that Volvo will be sold to a Chinese company regardless.
So far Geely Automobile Holdings, Ford's China partner Chongqing Changan Automobile Co., and Chery Automobile have all shown interest in taking Volvo from Ford. Volvo has had little to say about all the speculation: "Ford has said it is a process ongoing, but they haven't disclosed any names." Stefan Elfstrom, spokesman for Volvo Cars said.
Beijing Auto currently only manufacturers Mercedes-Benz and Hyundai Accent cars with a joint ventures with Daimler AG and South Korea's Hyundai Motor.
"(Beijing Auto) doesn't even have a in-house design car brand so far. How can anyone realistically expect it to take over and turn around Opel or Volvo?" an anonymous source told the Us industry publication Autonews.
We do have to wonder what the future holds for Volvo?