Ford Motor denies Volvo deal with Geely Auto

Ford Motor Co. continued to deny last week that it has reached a tentative deal with China's Geely Automobile Co. to sell Volvo.

Shenzhen News Net, in a report Friday, said Ford and Geely have reached a preliminary agreement, but are still working out many details such as the transfer of technology, Volvo's market position and any layoffs following the sale.

"We've been saying since the end of April ... that we're in discussions with a number of parties concerning the future of Volvo," Ford of Europe spokesman John Gardiner said in an e-mail to the Free Press on Friday. "No final decisions have been made."

Ford announced in December that it had begun a strategic review of its ownership of Volvo and later acknowledged that it decided to look for a buyer.