Geely has issued a statement to say that it has no plan to acquire either Ford's Volvo or GM's Saab.

The firm has frequently figured in rumours of Chinese interest in the upscale Swedish brands and Geely representatives were said to have been in Sweden recently to have detailed discussions with Saab management.

However, in a statement filed with the Hong Kong Stock Exchange the company said it has not submitted, and has 'no plan to bid for those two car brands as mentioned in recent media reports'.

Other potential Chinese bidders include Chery, Dongfeng, FAW and SAIC.