New Volvo CEO Samuelsson tasked to regain profitability

Article by Christian Andrei, on October 22, 2012

Hakan Samuelsson has been named as the new CEO of Volvo Cars, replacing Stefan Jacoby. Samuelsson is tasked to regain profitability, particularly in China, the domestic market of its Chinese owners. The 61-year-old Swede used to head the truck maker MAN. He explained that the products are different but he will be dealing with the same issues with regards to branding, marketing, the sales organization and development.

Samuelsson has a lot riding on his shoulders as Volvo is China’s largest international investment in the car industry and it’s also a major employer in the Nordic state as well as being a brand that’s much loved by his countrymen.

He said that his main goal is to take advantage of what Volvo considers as a clear market opportunity to utilize the huge potential of a rising middle class in China.

Geely owner Li Shufu, who is referred to as \"Chairman Li\" among Volvo executives, has backed grand plans for investment of about $11 billion to double annual sales to 800,000 cars by 2020 and increase sales in China to 200,000, from just 47,000 in 2011.

However, Volvo incurred a net loss in the first half of 2012 and has battled difficult markets in Europe and a sluggish economy in China. Jacoby had said that company will fail to meet its target in China by 2015 as planned. Jacoby had a mild stroke last September. Zhejiang Geely Holding Group bought Volvo from Ford in 2010 for $1.8 billion.

Topics: volvo, ceo

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

Nissan has announced the pricing for its new commercial pickup line. So for those who have been waiting for Nissan’s official price list (plus a little more info), read on… ...
by - December 5, 2016
Sorry folks, the AMG-fied Mercedes-Benz X-Class will remain in the fantasy world. According to some news, the AMG big boss has finally spoken up about why an AMG X-Class is...
by - December 5, 2016
In Japan, Toyota stays in the limelight by always cooking up something new for its famous 86 sports car. A colour orange Toyota 86 performance edition is one that’s hard...
by - December 4, 2016
Back in 2009, Nissan first introduced the Nissan Leaf, the company’s first all-electric vehicle. LEAF stands for Leading Environmentally-friendly Affordable Family car and this particular EV has been considered as...
by - December 3, 2016
In the minivan segment, the 2017 Chrysler Pacifica is already impressive in terms of fuel economy figures – as rated by the United States Environmental Protection Agency. In fact, the...
by - December 2, 2016
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries