New Volvo CEO Samuelsson tasked to regain profitability

Article by Christian A., 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

Recommended

During car crashes and accidents, there are times that its occupants can’t get out easily. There are times when the only way to get out of that situation is to...
by - February 23, 2017
Could this be a special version of Ferrari’s much acclaimed LaFerrari? No matter how we look at it, the patent images for this sports car from Ferrari indicate its striking...
by - February 23, 2017
How fast can a 2017 Chevrolet Camaro ZL1 actually go? Considering the amount of power lurking underneath its line-laden bonnet, the 2017 Camaro ZL1 is capable of achieving a top...
by - February 23, 2017
As it turned out, we’ll be seeing Toyota’s new super supermini at the 2017 Geneva Motor Show in March. It’s time we all get to meet the new Toyota Yaris...
by - February 23, 2017
Opel revealed it has sweetened the pot for 2017 Insignia Grand Sport customers with the Opel Exclusive program. Through this program, the brand hopes to introduce a wide selection of...
by - February 22, 2017
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