China's Geely 'preferred bidder' in Volvo sale: Ford

WASHINGTON: US auto giant Ford said Wednesday that China's largest independent carmaker Geely Automobile is its "preferred bidder" in talks over the sale of Swedish unit Volvo.

"Ford's objective in our discussions with Geely is to secure an agreement that is in the best interests of all the parties," said Ford's chief financial officer Lewis Booth in a statement.

"Any prospective sale would have to ensure that Volvo has the resources, including the capital investment, necessary to further strengthen the business and build its global franchise," Booth said.