As Ford’s market share in the U.S. continues to dwindle – dropping to a new low of 13% this month – its CEO Alan Mulally is looking at further ways to cut costs and right now it appears nothing is sacred. Some of the measures Ford has already confirmed will take place as part of its ongoing turnaround plan is the reduction of more jobs in North America, the idling of more plants, and the axing of some model lines. However, despite several official denials, new reports claim Ford may also sell Volvo and possibly drop Mercury altogether.

During an interview with the Wall Street Journal, Mulally revealed there were several other options to reduce costs that Ford had not yet employed. When asked about the sale of Volvo, Mulally wasn’t willing to comment but an inside source told reporters the Blue Oval CEO is seriously considering selling Volvo and discontinuing the Mercury line.

Such a move would leave Ford with just two brands, Ford and Lincoln, plus a controlling stake in Mazda.

Since joining Ford back in 2006, Mulally has managed to turnaround a loss of more than $12 billion during the worst auto-sales downturn in more than a decade, establish a new global design team, and restructure the organization to focus on its core businesses, which has already seen the quality of Ford products improve to industry-best levels.