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How the Chinese tycoon driving Volvo plans to tackle Tesla

HANGZHOU, China — "Do you know how big Volvo is?" asked Don Leclair, finance chief at Ford. It was 2008, and Leclair was responding to an offer from a little-known Chinese businessman to purchase the Swedish carmaker, which Ford owned. The businessman, Li Shufu, had a company with less than half Volvo's sales and a flagship model, King Kong, almost unknown outside China. He was politely shown the door of the "Glass House," Ford's iconic headquarters near Detroit, according to two people who were at the meeting. Ford's Leclair did not respond to requests for comment about the episode. Fast-forward to 2021 and Li Shufu's company, Zhejiang Geely Holding Group, is one of the biggest-selling automakers in the world's biggest auto market. It controls not only Volvo Cars but also a clutch of global auto brands, and a significant stake in German giant Daimler AG, the maker of Mercedes-Benz. These names are now part of its plans for a revolution in autos. Geely is preparing Volvo for a listing on the Nasdaq Stockholm exchange as a route towards the future of transportation: One where cars are part of an electrified network of mobility services, driving themselves, connecting to each other and — like cellphones — generating an array of data and new business opportunities. It's a vision more Silicon Valley than Detroit, where traditional automakers globally are chasing another giant — Tesla Inc. Li Shufu and his advisers eventually convinced Ford to part with Volvo in 2010 for $1.8 billion. It was the first in a string of deals, tapping brands such as Lotus, Smart and the London Electric Vehicle Company to form a network that he calls a "bigger circle of friends" across industry segments. Li Shufu sees them as building blocks to help Geely compete in a future where autos are not vehicles, but "service providers," he told Reuters in his management suite at Geely's headquarters in Hangzhou, eastern China. In that business model, cars will be available on subscription and offer services such as making payments and in-car apps. They will update their own software, and spawn opportunities in the same way as the mobile operating systems developed by Apple Inc and Google. "We are trying to create an automotive ecosystem similar to Android," he said. Li Shufu, 58, recently adopted a foreign first name - Eric - because he liked the sound of it.

Tony Nicolosi confirmed as Volvo's North American CEO

This past October, John Maloney stepped down from his post as CEO at Volvo Cars North America. In his place, the Swedish automaker tentatively promoted Tony Nicolosi, who had until then served as head of Volvo Car Financial Services. The appointment was reportedly temporary, giving Nicolosi the title of acting CEO. But according to Automotive News, his position has now been confirmed for the long run.
Although Volvo has yet to announce a new director for its financial arm, Nicolosi says they have found the right person and will announce sometime between now and the National Automobile Dealers Association convention, set to take place later this month in New Orleans.
Last month, Volvo also announced that its global communications chief Bodil Eriksson is moving from the home office in Gothenburg to the North American office in Rockleigh, New Jersey. Anders Kärrberg has been promoted from the government affairs post to take Eriksson's place.

2023 Volvo XC40 Recharge First Drive Review: EV SUV is petite, potent and unpretentious

After years of polishing its plug-in hybrid powertrains, Volvo is jumping into the electric vehicle space with both feet. But rather than trying to make an immense splash in the deep end, Volvo elected to start with its entry-level vehicles – the 2023 XC40 Recharge and its mechanical twin, the C40. Fear not. While they may be small, they are charmingly mighty. Volvo was so eager for us to sample the XC40 Recharge that it actually loaned us a 2022 model for the purpose of this writeup after announcing its planned updates for 2023 XC40 lineup. The changes are of virtually no consequence in the context of this review, as most of them serve to catch the standard XC40 up to the Recharge model, which was already equipped with VolvoÂ’s latest goodies, including GoogleÂ’s new Android Automotive infotainment suite. There are some aesthetic updates (ooooooh, new fog light trim!) but nothing truly noteworthy. While the XC40 is meant to appeal to a more crossover-minded buyer, it and the C40 are virtually identical. While Volvo offers pared-down versions of its EV powertrain in other markets, America gets only the “Twin” variants of each, named thusly for their pair of electric motors. Nope, no bargain-priced FWD-only models here. From the $54,645 (destination included) base model on up, you get 402 horsepower, 486 pound-feet of torque and all-wheel drive. It being a Volvo, everything inside is a little bit different (perhaps just for the sake of being so) but without being Saab levels of weird. Take the time-tested process of turning the car on, for example. There isnÂ’t a key nor start button; VolvoÂ’s electrics are just on by default. If youÂ’re in the car and the key is present, youÂ’re live. Put it in whatever gear you like and set off on your way. When youÂ’re done, put it in park, get out, lock the door and, should you need to or want to, plug it in. While that may seem superficially unconventional, itÂ’s fundamentally a very Volvo thing to do. There are those who choose to believe that Tesla deserves credit for normalizing minimalism in car interiors. ThatÂ’s a neat theory, but VolvoÂ’s been doing it better for longer — and not as a disguise for being cheap. Eliminating the on/off switch seems very on-brand for a company whose cabins have long resembled that one section of the Ikea maze where the college kids canÂ’t even afford to window shop.   If anything, the XC40 Recharge and the C40 both lean a little too far in that direction.