Volvo Group on Monday rejected reports that the company, led by CEO Leif Johansson, was preparing to put its weight behind the Jakob AB investment project, a consortium reportedly set up on the initiative of the engineering trade union at Volvo Cars.

“We’re not interested in investing in Volvo Cars,” said Volvo Group spokesman Mårten Wikforss.

Ten years have passed since truck maker Volvo Group sold its car division to US auto giant Ford. Nevertheless, Volvo Group said it continued to follow the current sale process closely.

“Of course we are following the whole thing from the perspective that we own half the trademark. But we have no interest in investing in the company,” said Wikforss.

Jakob AB, named after one of the original Volvo cars, is a company that has been formed with the intention of attracting investors to Volvo Cars. Several parties have expressed concern about the likelihood of Volvo Cars ending up in Chinese hands, with a consortium led by Geely rumoured to be closing in on a bid.

“We’re trying to find an alternative to Chinese ownership. We’re worried about production and product development leaving Sweden,” Sören Carlsson, head of the Unionen labour group at Volvo Cars, told news agency TT.