A US-led consortium including former Ford executives is challenging Chinese carmaker Geely in the race to buy Volvo.
MIchael Dingman, a former Ford director, and Shamel Rushwin, a former executive at Ford and Chrysler, are fronting a consortium entitled Crown.
It has backing from US private equity groups but is seeking extra support from Swedish investors.
It will fight Geely, which last month confirmed its interest in Volvo.
Geely has reportedly offered Ford $2bn for Volvo, and Crown's bid is understood to be lower. Both propose more than $3bn of extra investment in Volvo post-takeover.
Ford is expected to decide in the next few weeks whether to enter exclusive talks with Geely.