Ford Not Selling Volvo After All

Volvo will stay under Ford's wing.

Ford's spokesman Tom Hoyt has dismissed reports published by some global agencies saying that the American car maker has decided to sell Volvo. 

"To my knowledge, we are not in negotiations with anyone about the future of Volvo," said Ford's spokesman Tom Hoyt, denying the allegations regarding the sale of Volvo, reports BBC. 

At the beginning of the year, Ford sold the company Aston Martin, the manufacturer of expensive sports cars and the company is also planning to sell its British luxury brands Jaguar and Land Rover which, along with Volvo, comprise Ford's company Premier Automotive Group. 

Volvo Cars CEO Frederik Arp told Reuters that Ford is dedicated to keeping the Swedish car maker under its control and that it is in Ford's best interest to keep Volvo. 

Ford bought Volvo in 1999 for 6.45 billion dollars.