In a statement, Ford revealed that it would probably take several months to complete the review of options available, so the first decisions shouldn't be expected before late Q1 2009. However, Bloomberg is reporting that JPMorgan Chase & Co has already been hired as an advisor for the eventual sale.
“Given the unprecedented external challenges facing Ford and the entire industry, it is prudent for Ford to evaluate options for Volvo as we implement our ONE Ford plan,” Ford CEO Alan Mulally said earlier this week. Specifically, the sale of Volvo is being considered as Stephen Odell, Volvo's CEO, works to build a stronger balance sheet and a more 'stand-alone' position for Volvo under the Ford umbrella.
Ford, along with General Motors and Chrysler, is meeting with Congress in Washington this week to ask for a federal hand out. Arguably, the safest of the Detroit 3 financially, Ford has asked for $9 billion in a government credit line to support its restructuring, saying it expects to break even or be profitable in 2011.