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On again, off again: China's SAIC says it is not in talks with Ford to acquire Volvo

Although reports surfaced earlier this week that Ford was in talks with Chin's Shanghai Automotive Industry Corp. to sell its Volvo brand, a source within SAIC has revealed that the rumors are unfounded.

"As far as I know, our company has never contacted Ford on the purchase of Volvo Cars," an inside source told Automotive News.

The rumors were sparked by a report in Sweden's Dagens Industri.

Volvo remains the sole survivor in Ford's Premier Auto Group and has been at the center of sell rumors for months now. Adding fuel to the fire, Volvo announced earlier this week that it would be cutting 2,000 jobs, most in its home country of Sweden.

Ford maintains that it is not selling its Volvo brand, a position the U.S.' number two automaker has maintained since last November.