Ford reviewing Volvo options, including sale

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DETROIT (Reuters) - Ford Motor Co said it will review strategic options for its Volvo brand, including the possible sale of the Sweden-based premium auto division, sending Ford shares up 8 percent on Monday.

Ford, which has been shedding assets as it scrambles for cash, said the decision to re-evaluate VOLVO (VOLVB.ES)was prompted by the significant decline in the global auto industry and the severe economic instability worldwide.

Ford's shares rose 10 percent, or 28 cents, to $2.97 in early New York Stock Exchange trading.

In November, Ford agreed to sell about two-thirds of its 33.4 percent stake in Japanese automaker Mazda Motor Corp <7261.T> for around $538 million. Ford also sold its premium Jaguar and Land Rover brands to India's Tata Motors Ltd early this year.

Reeling from the decline in U.S. auto sales to 25-year lows, Detroit's three ailing automakers -- Ford, General Motors Corp and Chrysler LLC -- are desperately trying to raise cash to come through the worst economic crisis since the Great Depression.

The three U.S. automakers are scheduled to submit extensive restructuring plans on Tuesday to Congress as a condition for considering $25 billion loans for the cash-strapped industry.

"Given the unprecedented external challenges facing Ford and the entire industry, it is prudent for Ford to evaluate options for Volvo," Ford Chief Executive Alan Mulally said in a statement.

Ford said the review of Volvo will likely take several months. In the meantime, it will continue the processes to allow Volvo to operate on a more stand-alone basis.

(Reporting by Soyoung Kim, editing by Maureen Bavdek)

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