SOUTHFIELD, Michigan (Bloomberg) - Ford Motor Co. may get $1 billion to $2 billion for its Volvo Cars unit, less than a third of what it paid 10 years ago, as it conducts sale talks with more than three bidders, a person familiar with the discussions said.

Shedding the Swedish automaker, the last piece of Ford's failed strategy to boost profit with European luxury brands, may take six months to complete, said the person, who asked not to be identified because the negotiations are private. The person wouldn't name the potential buyers.

Battered by a record $14.7 billion loss last year, Ford is trying to raise cash and buttress its balance sheet to remain the only major US automaker not receiving federal aid. General Motors Corp. and Chrysler LLC are operating on $17.4 billion in low-cost US loans.

"Volvo is a valuable property," said John Wolkonowicz, an analyst at IHS Global Insight in Lexington, Massachusetts. "Ford wouldn't be selling if it didn't need the money to shore up its books to get through this mess without putting their hand out to the government."

Ford confirmed talks with multiple "interested parties" in a statement on Wednesday that did not cite names or a specific number of prospective buyers for Gothenburg, Sweden-based Volvo.

Ford, the second-largest US automaker, is "pleased with the numbers and quality" of possible bidders, and "is now talking in more detail", according to the statement. Spokesman Mark Truby declined to comment beyond the statement.

Ford fell nine cents, or 3.2 percent, to $2.77 at 4pm in New York Stock Exchange composite trading, extending the shares' decline in the past year to 54 percent.

The company's 7.45 percent bonds due in July 2031 slid 0.3 cent to 28.7 cents on the dollar, yielding 26.2 percent, according to Trace, the bond-pricing service of the Financial Industry Regulatory Authority.

Discussions are furthest along with China's Geely Automobile Holdings Ltd., people familiar with the matter have said. Geely first approached Ford more than a year ago, before the Dearborn, Michigan-based automaker was prepared to sell, the people said. Ford has also approached China's Chery Automobile Co. and Chongqing Changan Automobile Co., the people said.

Ford is expected to take a loss on the sale because the global auto market has slumped so much since 1999, when Volvo was purchased for $6.4 billion, according to the person familiar with the likely price range.

The Wall Street Journal reported on the talks with more than three bidders earlier on Wednesday.

Over the last decade, Ford's cars and trucks have become intertwined with the Swedish automaker's models, sharing 90 percent of components and technology.