Volvo Group not interested in buying back Volvo Cars

Sweden's Volvo Group -- which builds trucks, buses, construction equipment, and aerospace components -- has no interest in acquiring Volvo Cars back from Ford. "We absolutely do not want to buy Volvo Cars," stressed chairman Finn Johnsson.

Johnsson went on to say he thinks it would be a bad idea to nationalize Volvo and Saab, as some Swedish academics have suggested.

"The state knows nothing about the car industry and Volvo needs an owner that can increase sales and cooperate with suppliers on components and development," Johnsson told Swedish financial daily Dagens Industri, according to an AFP translation. He suggested French automaker Renault as a company suited to buying Volvo.

He indicated his company would be willing to "help" Volvo Cars in a variety of ways, but is not interested in a buyout.

"We would gladly finance joint projects, such as sponsor projects or research projects, and could consider being part of various consortiums without becoming the main owner," Johnsson said.