14:32 - 23.10.2026

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October 23, Fineko/abc.az. Håkan Samuelsson, Chief Executive Officer of Volvo Car AB, stated that the market for Western-branded vehicles in China is rapidly vanishing amid the dominant rise of local electric vehicle (EV) manufacturers.

In its Q3 financial results, Volvo reported a deeper-than-expected loss as deliveries in China dropped over 40%. To mitigate the downturn, the Swedish automaker is expanding job cuts to cover 6% of its workforce and aiming for 5 billion SEK ($504 million) in cost reductions.

Samuelsson admitted that the era of selling European-developed cars in China at premium prices is over. Owned by China's Geely, Volvo plans to rely on its parent company's local technology platforms and launch six China-tailored models by the end of the decade.