Ford Motor Co's plans for the sale of its Swedish unit Volvo are progressing, Chief Executive Officer Alan Mulally said on Friday.

China's Geely Automotive has said its parent company plans to bid for Volvo.

Ford has yet to officially put Volvo up for sale, but Geely executives have said they would like to buy the company, with some media reports putting the price tag at around $2.5 billion.

($1=6.826 Yuan)

(Reporting by Fang Yan and Jacqueline Wong)