Geely Auto: not involved in parent's bid for Volvo

Chinese auto maker Geely Automobile Holdings Ltd. said Wednesday that it isn't involved in its parent's bid for Ford Motor Co.'s Volvo unit and it isn't providing financing to its parent for the deal.

The Hong Kong-listed company's parent Zhejiang Geely Holding Group Co. said Wednesday that it is in detailed discussions with Ford for the purchase of Volvo Car Corp., according to a company statement.

Geely Automobile said it doesn't rule out the possibility of exploring potential cooperation opportunities with Volvo Car if its parent wins the bid.