BEIJING: A Goldman Sachs Group private equity fund is investing about $250 million in Chinese carmaker Geely Automobile, a move that could free up capital for Geely's parent to bid on Ford's Volvo unit, the Wall Street Journal reported, citing an unidentified source.

Goldman Sachs and Geely officials on Sunday were not immediately available to comment on the report. Geely said earlier this month that its parent was considering a joint bid for Volvo with a local government-backed investment firm.