5 Articles
5 Articles
A gloomy statement about the Chinese market sends Volvo shares to their lowest level ever. The once-large market in China has been lost to Western car manufacturers. Now the Swedish giant faces layoffs and billions in savings.
Selling cars developed in China to various markets is no longer viable. Says Håkan Samuelsson, executive director of Volvo Cars, who admits that the rapid transformation of the Chinese market surprised the Swedish brand, forcing it to change strategy. In statements to CNBC, Samuelsson explained that the evolution of the Chinese market is [...] The post Volvo says that selling European models in China will not work first appeared in Automobile Re…
[Cable News] Volvo Cars of Sweden says Western automakers are losing the Chinese market and can no longer sell European-developed cars in China at a premium. Volvo Cars CEO
Volvo CEO Hakan Samuelsson stated that it is no longer possible for Western manufacturers to compete in the Chinese automotive market with outdated business models. The increasing dominance of Chinese brands, particularly in the electric vehicle market, led to a more than 40% drop in Volvo deliveries in the country in the third quarter. Faced with these financial pressures, the company is preparing to take new steps to reduce costs.
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