Hyundai Repeats Volvo Purchase Denial

According to an Associated Press report, Hyundai Motor Company, the largest automaker in South Korea, has repeated its denial of reports that the company would make an offer to purchase Volvo. The Swedish carmaker, currently owned by Ford, is current
Jan. 1, 2020
According to an Associated Press report, Hyundai Motor Company, the largest automaker in South Korea, has repeated its denial of reports that the company would make an offer to purchase Volvo. The Swedish carmaker, currently owned by Ford, is currently on the sales block. Hyundai said it had no interest in acquiring Volvo, Jaguar or Land Rover when the reports first surfaced in February of this year.

Last weekend reports that Hyundai was considering the purchase of Volvo again appeared in the Sunday Times in London and the New York Times. Those reports prompted Hyundai to once again deny the report that is 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. "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."

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 reportedly sold Aston Martin for $848 million in March.

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