Volvo names Klaus Zellmer as new chief
What's the story
Volvo Car AB has announced the appointment of Klaus Zellmer as its new president and chief executive officer. He will take over from Hakan Samuelsson, who is set to step down next year. Zellmer, who was previously the CEO of Volkswagen AG's unit Skoda Auto AS, will officially assume his new role by October 1, 2027.
Experience
Zellmer's extensive automotive background
Zellmer brings over 30 years of global automotive experience to Volvo.
He is known for his ability to guide organizations through transformation and changing market conditions.
His diverse background in both premium and mass-market segments makes him an ideal fit for the company, according to Volvo Car Chairman Li Shufu.
Revamp
Volvo's major revamp and restructuring
Volvo, which is majority-owned by Chinese carmaker Geely, recently unveiled a major revamp.
The plan includes restructuring its manufacturing network around five plants for its own brand and two with partners.
The move comes as part of the company's biggest-ever product push to stay competitive in an increasingly cutthroat market.
Expansion
New vehicle launches and EV sales targets
As part of its strategic overhaul, Volvo plans to launch seven new vehicles for Western markets and six for China by the end of the decade.
The company hopes to double its share of global sales of electric vehicles and plug-in hybrids from the current 1.7%.
This ambitious plan is a key part of Volvo's strategy to adapt to changing consumer preferences across different regions.
Transition
Samuelsson's efforts to restore growth at Volvo
Samuelsson, who returned to lead Volvo Cars for a second term last year, has been working to restore growth at the company.
Under his leadership, Volvo has focused more on hybrid vehicles due to the slower-than-expected demand for fully electric cars.
The company is also customizing its vehicle lineup for specific regions and strengthening ties with its Chinese parent company.