Hyundai Says No Interest in Buying Volvo

Report: Ford set to sell Volvo

SEOUL, South Korea (AP) - South Korea's Hyundai Motor Co. has no intention to buy Sweden's Volvo or any other units of Ford Motor Co.'s Premier Automotive Group, it said Wednesday, denying a report it was a potential suitor for Volvo.

"We do not have any interest in buying Volvo or Jaguar or Land Rover," said Jake Jang, a spokesman for Hyundai, South Korea's largest automaker.

Ford, responding to reports that it's putting Volvo up for sale, said Sunday that it was not negotiating with anyone to sell the Swedish automaker.

Both the Sunday Times in London and the New York Times in the U.S. have reported Ford is interested in selling Volvo, citing unnamed sources.

Hyundai, which was named by the Sunday Times as a potential suitor for Volvo, said it's too busy pursuing its own expansion plans.

"Our hands are full now," Jang said." We are in the process of building global manufacturing facilities from China to the United States and Europe."

Hyundai had also denied a report in February that it was interested in buying Jaguar.

Ford in December finalized a US$23.4 billion (euro16.9 billion) financing package to fuel its restructuring and cover expected losses in its automotive operations. It pledged domestic plants and other automotive assets as collateral.

Ford acquired Volvo from Volvo AB in 1999.

Last month, Ford said it was reviewing its position on Jaguar and Land Rover, fueling speculation the company was getting closer to selling them.

Ford sold Aston Martin for US$848 million (euro613.4 million) in March.

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