Chinese manufacturer Geely Group Holdings is Fords top bidder to purchase Volvo.
- shares

Ford will begin more detailed negotiations with Geely, but final decisions have not been made.

"Ford believes Geely has the potential to be a responsible future owner of Volvo and to take the business forward while preserving its core values and the independence of the Swedish brand," Ford Chief Financial Officer Lewis Booth said in a statement.

Ford has said that although it no longer wants to have shares in Volvo, it would like to continue work with the manufacturer in several areas after the sale.