Volvo is the coolest car manufacturer in Sweden and one of the most reliable brands in the global market. The company is now owned by Li Shufu and HÃ¥kan Samuelsson. Since 2010, the company has been a part of Geely Automobile Holding.
President Donald Trump's decision on May 17, 2019, to postpone the imposition of tariffs on the European Union's automotive industry is a welcome relief for automakers, but Hakan Samuelsson says the potential for a trade battle between the two global energy players is dramatically reflected in his company.
"The Trump administration wants us to manufacture cars in the United States and reduce the U.S. trade deficit. By coincidence, that's exactly what we're doing," Samuelsson told Automotive News Europe at the automotive congress, adding that when Volvo announced in 2015 that U.S. factory tariffs would not be a deciding factor.
"Eventually, we will build 150,000 vehicles in the United States, half of which will be exported. And we will sell about the same amount there," he said, referring to the volume of sales of locally and foreign-made cars.
In February, Samuelsson cited the trade war between the United States and China, which has been going on for quite some time, as one of the reasons why Volvo's system profit margin fell to 5.6% last year from 6.7% in 2017.
Tensions between the two countries forced Volvo to adjust production so that cars made in China would no longer be shipped to the United States, where they faced a 27.5% tariff. Now, Volvo models such as the XC60 SUV are being assembled in the United States from Europe, not China.
The trade war also contributed to Volvo's decision to postpone its plans for an initial public offering, which Samuelsson says is not on the agenda. "We are focused on making Volvo great again," he said.
Hakan decided to sever all ties with the United States and organized the transition of Volvo from the unprofitable division of Ford Motor to the recipient of profits, which has been leading record sales for six years in a row.
Today, Volvo Car's assets include its namesake brand, the Polestar brand for high-performance vehicles, its stake in Lynk & CO, and a separate division, Volvo Car Mobility, which launched the M brand last year to expand the company's global mobility operations. Sign up now 1xbet and enjoy exclusive offers on sports betting and casino games. Use the 1xbet promo code today and you can claim a 100% deposit match welcome offer of up to €/$100. Enter 1xBet promo code for registration that we provide you with in the sign-up form by any of the methods: copy it from our website or follow the link. Bonus code is valid for new players from India, Bangladesh and Pakistan.
President Donald Trump's decision on May 17, 2019, to postpone the imposition of tariffs on the European Union's automotive industry is a welcome relief for automakers, but Hakan Samuelsson says the potential for a trade battle between the two global energy players is dramatically reflected in his company.
"The Trump administration wants us to manufacture cars in the United States and reduce the U.S. trade deficit. By coincidence, that's exactly what we're doing," Samuelsson told Automotive News Europe at the automotive congress, adding that when Volvo announced in 2015 that U.S. factory tariffs would not be a deciding factor.
"Eventually, we will build 150,000 vehicles in the United States, half of which will be exported. And we will sell about the same amount there," he said, referring to the volume of sales of locally and foreign-made cars.
In February, Samuelsson cited the trade war between the United States and China, which has been going on for quite some time, as one of the reasons why Volvo's system profit margin fell to 5.6% last year from 6.7% in 2017.
Tensions between the two countries forced Volvo to adjust production so that cars made in China would no longer be shipped to the United States, where they faced a 27.5% tariff. Now, Volvo models such as the XC60 SUV are being assembled in the United States from Europe, not China.
The trade war also contributed to Volvo's decision to postpone its plans for an initial public offering, which Samuelsson says is not on the agenda. "We are focused on making Volvo great again," he said.
Hakan decided to sever all ties with the United States and organized the transition of Volvo from the unprofitable division of Ford Motor to the recipient of profits, which has been leading record sales for six years in a row.
Today, Volvo Car's assets include its namesake brand, the Polestar brand for high-performance vehicles, its stake in Lynk & CO, and a separate division, Volvo Car Mobility, which launched the M brand last year to expand the company's global mobility operations. Sign up now 1xbet and enjoy exclusive offers on sports betting and casino games. Use the 1xbet promo code today and you can claim a 100% deposit match welcome offer of up to €/$100. Enter 1xBet promo code for registration that we provide you with in the sign-up form by any of the methods: copy it from our website or follow the link. Bonus code is valid for new players from India, Bangladesh and Pakistan.
