Chinese automaker Chery Automobile is still interested in acquiring a foreign car brand but isn’t interested in a major contest to do so, its top executive said on Thursday.

“We may consider a takeover if no one – no other Chinese automakers – are interested. We won’t fight for it,” chairman Yin Tongyao told Reuters as Chery introduced two new sub-brands in China.

Local rivals Changan Automobile and Geely Auto have shown interest in Ford’s Volvo, according to recent media reports though Geely has denied this.

Chery, Fiat, postpone JV plans