Zhejiang Geely Holding Group Company Limited announced yesterday that it has completed the purchase of Volvo Cars form Ford Motor Company… but what’s next for the Swedish brand? According to Geely’s founder and Chairman Li Shufu, the Chinese automaker wants Volvo to be best known for its safety but also wants it to compete with expensive brands like BMW and Mercedes-Benz.
Li Shufu said that with a modest sales increase, Volvo should be profitable once again. “If Volvo can sell 380,000 units every year, the business will be profitable, but in order to get an upper hand in the competition we need a dramatic increase in volume (above that),” he said.
Volvo sold nearly 335,000 cars last year, and lost $653 million.
“We want to make more high-level cars that compete with the S series of Mercedes Benz and the 7 series of BMW. We need products to compete in that segment,” Li Shufu said.
What do you think? Will Volvo ever earn the respect of a BMW or Mercedes-Benz? Let us know in the comments section below.
2011 Volvo S60:
– By: Omar Rana