Posted March 24, 2018 09:19:47Volvo is in talks with a number of automakers to buy up their share of the market for its SUV, the Volvo XC70, according to The Financial Times.
The German automaker is expected to make an offer in the first quarter of 2019, the newspaper reported.
The newspaper said that the new deal would be in line with the agreement that Volvo reached with its parent, Volvo Group, for the purchase of Volvo Group’s other brands.
Volkswagen also recently announced it is going to buy a stake in rival luxury brand Land Rover for $13.7 billion.
Volvo’s deal with Land Rover is expected, in part, because of a recent contract that allows the automaker to sell up to 20 percent of its vehicles in Europe and Asia.
The news comes as Volvo faces growing competition from Ford and Mercedes-Benz, both of which have large U.S. brands.
Volvo shares fell 3.2 percent in early trading on Friday.