FRANKFURT -- The chief of Volvo Car Corp. downplayed reports that China's Geely Automotive plans to make a serious bid for the Swedish automaker being sold by Ford Motor Co.
Volvo CEO Stephen Odell said “neither Ford nor Volvo” substantiated Geely's serious interest in the company. “If there is any substantive change in status, the employees will hear it from me first before they read in the press,” Odell said.
He said he has signed a confidentiality agreement that prevented him from discussing details.
Last week, Geely Automotive CEO Gui Shengyue said that its parent seeks to buy all of Volvo. Geely Holding Group Co. would make any bid in conjunction with a government-backed investor, he told Reuters.
Speaking at the Frankfurt auto show Tuesday, Odell had a different take.
“Ford will tell you and I will tell you nothing substantial has changed," he said. “Ford is still talking to outside interested parties, but they have not moved forward with any of those parties.”