Ford Motor said on Monday that it would evaluate options for its Volvo unit, including a possible sale, as it tries to improve its balance sheet amid a crisis for the auto industry.
Ford said the restructuring could take several months to complete, and in the meantime it will continue to implement Volvo’s current restructuring plan.
Volvo, which is based in Sweden, is reportedly in talks with that country’s government about its options.
“Volvo is a strong global brand with a proud heritage of safety and environmental responsibility and has launched an aggressive plan to right-size its operations and improve its financial results. As we conduct this review, we are committed to making the best decision for both Ford and Volvo going forward,” Ford CEO Alan Mulally said in the company’s press release.