Ford has chosen China’s Zhejiang Geely as the preferred bidder for its Swedish Volvo business.
A final decision over the sale of Volvo is still to come but Ford has said it is in “detailed and focused” negotiations with Geely.
Geely announced last month that it was intending to make an offer for Volvo.
Geely has reportedly offered Ford $2bn (£1.2bn) for Volvo, and Crown's bid is understood to be lower. Geely are also believed to be offering $3bn (£1.8bn) of extra investment in Volvo post-takeover.