According to Volvo CEO Stefan Jacoby (who previously led Volkswagen Group), the Swedish brand’s expansion plan does not include a new flagship sedan that will compete against the BMW 7-Series and the Mercedes-Benz S-Class.
“It is not in our midterm or long-term strategy right now,” Jacoby told reporters at the Shanghai Motor Show, where it debut the Volvo Concept Universe. “That has been decided.”
Originally when Zhejiang Geely Holding Group purchased Volvo last year for $1.7 billion, Geely’s Chairman Li Shufu pushed for a move upscale for Volvo. That appears to be dead for now.
“It is too early to enter the S-class-size market,” Jacoby said. “We are concentrating with our new products on our core segments.”
Volvo will spend $11 billion to redesign products and build production capacity in China over the next five years.
Volvo Concept Universe:
– By: Omar Rana
Source: Automotive News