The chief executive of Volvo Cars believes that the carmaker can turn around its fortune and stay in the Ford family.

In an interview with Dow Jones news bureau, Volvo Cars' chief executive Stephan Odell says that the company still has an honest chance to get the crisis-hit car manufacturer back on its wheels.

"It would be a great outcome for me and for the company if we can make Volvo so successful that Ford thinks very seriously about keeping Volvo," Stephen Odell said in an interview with Dow Jones.

Questions regarding the sale process of the company remained unanswered and Stephen Odell didn’t identify any potential buyers. But he said that a take-over is looming nearer.

"I think it will be good for Volvo to conclude where we're going to go as quickly as possible, because of course there's some concern in the company," he said. "But that doesn't mean move with undue haste”.