Geely says it's still preferred bidder for Ford's Volvo

China's Zhejiang Geely Holding Group Co. Monday said it was still Ford Motor Co.'s preferred bidder for its Swedish Volvo car unit, as rival Chinese auto company Beijing Automotive Industry Holdings Co. bought assets from General Motors Corp.'s Swedish Saab unit.

"This week, detailed talks are continuing between the parties, including finalizing joint responses to union questions," a Geely spokesman said. "The companies are pushing for a sale agreement in the best interests of all the parties as soon as is practicable."

Ford picked Zhejiang Geely in October as its preferred bidder for Volvo, and the two sides have been working on detailed elements of an agreement, particularly over the rights to Volvo technology.

Like GM, Ford has been streamlining its brands to focus on its namesake, Lincoln and Mercury lines. The company has sold its Land Rover and Jaguar brands in the past two years.

Chinese automakers, meanwhile, are becoming increasingly acquisitive, particularly in buying technology that will help them boost their own production. The Chinese car market is expected to grow rapidly in coming years and the domestic manufacturers are facing tough competition from manufacturers in the West.

BAIC acquired intellectual property for some Saab 9-3 models, the current 9-5 models, as well as powertrain technology and tooling. It said Saab will help it use the technology as it seeks to develop its own-brand cars.