From: Reuters
Published May 20, 2008 01:57 AM

Ford to lower production at Volvo unit: WSJ

(Reuters) - U.S. automaker Ford Motor Co <F.N> is cutting production at its Volvo unit to reduce costs and potential losses at the Swedish luxury brand, the Wall Street Journal said Tuesday.

Chief Executive Alan Mulally told top executives he wants to eventually seek a buyer for the Volvo brand, the newspaper said, citing people familiar with the matter.

On March 4, Ford said it is developing a new business plan for Volvo that would include the unit operating on a more standalone basis, and that a top priority was to return Volvo to sustainable profitability.

Earlier this year, Ford agreed to sell Jaguar and Land Rover to India's Tata Motors Ltd <TAMO.BO> <TTM.N> in a $2.3 billion deal.


(Reporting by Neha Singh in Bangalore; editing by Rory Channing)

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