DETROIT (AP) -- Ford Motor Co. has picked a consortium led by China's Geely Group as the preferred bidder to buy its Swedish Volvo Cars unit, the U.S. automaker said Wednesday.

Ford said the selection signals that it is conducting "more detailed and focused negotiations" with Zhejiang Geely Group Holding Co. Ltd. about the sale.

The announcement means that both sides have reached a fundamental agreement to sell the storied brand, but details such as price still must be worked out, according to a person briefed on the negotiations.

The person, who asked not to be identified because the talks are private, said Ford and Geely are "on the same page" about sharing key technology and other items, but no definitive sales agreement has been signed.

Ford, based in Dearborn, Mich., acquired Volvo in 1999 for $6.45 billion from Volvo AB, and for 10 years the companies have shared safety and other technology. For instance, Ford's flagship family sedan, the Taurus, is based on Volvo underpinnings.

Any agreement would included details about sharing intellectual property rights and engineering, the person said.

Ford has wanted to unload Volvo since last year to raise cash and focus its efforts on three core brands: Ford, Lincoln and Mercury.

If the sale goes through, it would be another step in the U.S. auto industry's retrenchment from global operations, and another investment in them by a Chinese company.