filed with regulators to sell part of its Hertz rent-a-car unit to the public in an IPO that would raise up to $100 million.
A Monday afternoon filing with the
Securities and Exchange Commission
didn't disclose any further terms of the deal. Ford said the filing "is consistent with Ford's announcement on April 20 that it was evaluating long-term strategic objectives for Hertz."
The automaker said it would try to sell the rest of Hertz following the IPO.
The news comes amid a rash of bad tidings at Ford and Detroit rival
. The companies have seen their sales stall this year as consumers have stopped buying big sport utility vehicles in the expected volumes. That has led to a series of damaging debt downgrades amid talks of rising pension and health care costs.
On Monday, Ford rose 26 cents to $10.59.