Shares in Geely Automobile Holdings rose 4.5 percent on Thursday, even as the broader market slipped, after its parent was named by Ford Motor as the preferred bidder for its Volvo car unit.

Ford named a consortium led by China's Zhejiang Geely Group Holding Co. as preferred bidder for its loss-making Swedish unit, Volvo Car Corp., but said more detailed talks were needed before any final agreement.