US carmakers General Motors and Ford have approached the Swedish government about aid for their Saab and Volvo car units, the Financial Times said on Monday.
The newspaper said GM, owner of Saab Automobile AB, and Ford, which owns Volvo, wanted Sweden to bolster the units’ finances in anticipation of selling the subsidiaries. The heads of both companies had spoken to Swedish industry minister Maud Olofsson about securing funds, the FT said, citing people familiar with the discussions.
Last week Olofsson said Sweden wanted clarity about what the US parent firms planned before considering any support. Both Saab and Volvo have suffered sharp sales declines in recent months as the global financial crisis has weighed on prospective car buyers across the world. (Reuters)