Renault will not acquire Volvo

Posted on Thursday, 30 August 2007 , 11:08:13 byEmil

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Renault will not acquire Volvo

Renault stated that the company will not be acquiring the Volvo brand name from Ford. `Renault needs new products, new technologies. It does not need a new brand` said in the press conference Carlos Ghosn, Renault`s CEO. `Given the substantial amount of money we are being asked for Volvo, I don’t see the interest for Renault` Ghosn added.

Rumors said that the two carmakers might become partners because Renault and Volvo had joined forces in the beginning of the 1990s. According to Automotive News, by Volvo`s initiative, the deal was broken. Heavy truck producer Volvo AB, separate from Volvo Cars, acquired in 2001 Renault`s heavy truck department.