Ford is negotiating to sell Volvo to a group of Chinese investors.

According to a Swedish press report, a Russian investor is also interested in the brand.

The potential Chinese buyer is Shanghai Automotive, according to Automotive News Europe.

Ford has repeatedly said that it is not selling Volvo, although shareholder Kirk Kerkorian would welcome the sale.

Volvo announced today that it would cut around 2,000 jobs as part of an extensive cost reduction programme.