Sweden’s Volvo Cars has enjoyed a new lease of life since it was acquired back in 2010 by China’s Geely Holding Group, with increasingly important investments into new models and technologies.
Last year, the automaker posted splendid sales results on the back of outstanding growth in its adoptive country – China – also the world’s largest auto market. But the strategy of the company has been clouded by one major slip – its decaying deliveries in what was until recently its largest market – the United States. With an ageing lineup and with technologies that were outsmarted by the German and Japanese rivals, Volvo lost its steam in the world’s biggest luxury market. It’s now aiming to secure a Phoenix-like revival through strategic moves – the latest being the nomination of Lex Kerssemakers, 55, as senior vice president of the Americas as well as president and CEO of Volvo Cars of North America, reporting directly to Volvo CEO Hakan Samuelsson.
But having a new top management is just the start, because as we know, a carmaker needs good cars to sell. For that, the newly introduced XC90 large crossover will be a crucial model. It’s riding on an entirely new platform and has under the hood powertrains that finally don’t relate to the old days when Volvo was run by Ford. And luckily, the Swedes might have a hit model, with buyers across America flocking to put in their garages the latest and greatest SUVs and crossovers, preferably as large as possible.
Via Business Insider