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STOCKHOLM – Swedish automaker Volvo expects that to achieve its more or less robust year-over-year sales forecasts in the part of 2020, a recent spike in cases in Europe makes the outlook more uncertain, the CEO Hakan Samuelsson.
Volvo, bought through Geely Holding of China in 2010, has repositioned Samuelsson’s mandate as a high-end car manufacturer with a variety of popular gaming app vehicles, pitting against much larger rivals like BMW and Mercedes.
It achieved a sixth consecutive annual sales record in 2019, with more than 700,000 cars, and after the previous pandemic this year, it has experienced a sharp uptick in recent months, aided by the strength of China and the United States.
“We have a momentary wave in Europe that makes the outlook a little more uncertain, but July and August very well, and by September we are at the same point as last year,” Samuelsson told Reuters.
“For the rest of the year, I would say that our fundamental situation is to go back to almost where we were last year. “
Samuelsson said Volvo had production capacity at its US plant. But it’s not the first time And China, while its European plants in Gothenburg, Sweden and Ghent, Belgium, were operating at full capacity.
Earlier this year, the organization revealed plans to merge with its sister company Geely, but talks are on hold as Geely tries to include his shares on China’s Nasdaq STAR chart.
Samuelsson, 69, a former executive of truck brands Scania and MAN, said Volvo works with the factor internally and hopes to announce news about the way forward before the end of the year.
“Volvo’s Swede and Geely’s Chinese, and if we do something together, it has to be a globally governed organization abroad, with foreign leadership and a board of directors,” he said.
“The query is how to fix this . . . There are other models of synergies that, at the end of the day, are the main reason. “
Volvo, which aims to have some of the cars it sells all-electric until 2025 and plans to separate its combustion engine business into a stand-alone unit, will begin production of its first all-electric car, the XC40 Recharge P8, this month.
After that, it plans to launch a new all-electric consistent with the year.
“I think the timing is perfect, ” said Samuelsson. ” The pandemic has obviously accelerated the transition to electricity, and we are more determined than ever to move in that direction. “
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