Billionaire Li to Unveil New Volvos After Rescuing Swedish Icon
Volvo Car Group’s newest, fanciest car has a built-in refrigeration compartment, handmade crystal Orrefors glassware — and the hopes of China’s premium auto-manufacturing industry riding on it.
Zhejiang Geely Holding Group Co., Volvo Cars’ Chinese owner, unveiled upgraded versions of its S90 sedan, including the top-of-the range S90 Excellence, in Shanghai Wednesday. The executive vehicles will be made in Daqing, China’s oil capital, and represent the latest product of a reinvigorated research and development program that’s bolstered profit and helped drive record sales for the Swedish icon.
Eventually, production of the premium cars will move from Europe to China, where Geely is building a third factory, in Luqiao, for making both Volvos and mid-tier Lynk & Co.-brand cars, the company said in a statement. The changes are part of billionaire Li Shufu’s plan to make China a global manufacturing and export hub for its new range of cars.
Read full Article here »