Zhejiang Geely Holding Group, the parent of Geely Automobile, will face tough competition from a US consortium called Crown, which is set to make a bid for Volvo next week, the Dagens Industri daily reports. Crown represents a group of Swedish investors led by Michael Dingman, a former Ford Motor Co. director. Last December, Ford had put its Volvo unit up for sale.

Last month, Ford named Geely to be its preferred bidder. Media reports put Crown’s bid at between $2 billion and $2.5 billion. A Crown consortium source has said that there’s no point in bidding low since nothing will be won that way. Dingman served on Ford’s board from 1981 to 2002 before he retired.

[via autonews]

Tags: car news, us consortium volvo bid, Volvo, volvo deal, volvo news, volvo sale

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