Sunday, the U.S.-led Crown Consortium has entered the race to acquire Volvo, the Swedish loss making auto unit from Ford, challenging the bid from Hong Kong-listed Chinese automaker Geely, according to reports.
Crown Consortium is fronted by former Ford director and veteran turnaround specialist Michael Dingman and Shamel Rushwin, a former executive at Ford and Chrysler.
Citing people close to the matter, reports said financing has been fully secured from U.S. private equity groups, but the U.S. led consortium is seeking additional backing from Swedish investors to signal its commitment to keep Volvo in the country.
Crown is reportedly talking to potential Swedish investors about taking up to a one-third stake in the consortium.
Geely is reported to have offered a little less than $2 billion for the loss making unit. The U.S.-led consortium is reported to have offered Ford significantly less than Geely, but both have similar plans for more than $3 billion of additional investment in Volvo, after completion of any deal.
People who are in knowledge of the situation said Geely has an edge due to its larger bid, but Crown is said to be the most credible alternative, should the Chinese automaker fail to clinch a deal.
A group known as the Jakob Consortium, led by Magnus Sundemo, head of Volvo's engineers' union, has also reportedly evinced interest, but it is said that the consortium is struggling to raise financing.
Ford is determined to sell Volvo, which lost $231 million in the second quarter, as part of its drive to focus on its core mass-market business. Citing a person involved reports said that the company is likely to take a decision in the next few weeks whether to enter exclusive talks with Geely. He and others said protection of the U.S. automaker's intellectual property was the biggest obstacle before concluding an agreement with Geely.
Similar concerns played a role in thwarting a bid this year by Beijing Automotive Industry Holding Co for 51% of General Motors' Opel division.
F declined $0.13 or 1.87% and closed Friday's regular trading at $6.84. After hours, F rose $0.05 or 0.73% and traded at $6.84.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.