Volvo Car Group Chairman, CEO meet with the Prime Ministers of China and Belgium
Li Shufu, the chairman of Volvo Cars and Håkan Samuelsson, president and chief executive of the car maker, met Li Keqiang, Prime Minister of the People’s Republic of China and Charles Michel, Prime Minister of Belgium, on June 2nd in Brussels.
The two Prime Ministers were, as part of an official visit, treated to a presentation of the CMA small car platform, on which Volvo will base its 40 series cars. Volvo also demonstrated key innovations within autonomous driving and connectivity.
The XC40, Volvo’s first car based on the new CMA platform, will be built at its plant in Ghent, Belgium where the company has manufactured cars since 1965. The Ghent plant currently employs 5,500 people, making it the third biggest industrial employer in the country.
The acquisition by Geely Holding of Volvo Cars in 2010 was at that time the biggest Chinese investment into Europe. Still today it is the 5th biggest Chinese investment into Europe.
Volvo Car Group in 2016
For the 2016 financial year, Volvo Car Group recorded an operating profit of 11,014 MSEK (6,620 MSEK in 2015). Revenue over the period amounted to 180,672 MSEK (164,043 MSEK). For the full year 2016, global sales reached a record 534,332 cars, an increase of 6.2 per cent versus 2015. The record sales and operating profit cleared the way for Volvo Car Group to continue investing in its global transformation plan.
About Volvo Car Group
Volvo has been in operation since 1927. Today, Volvo Cars is one of the most well-known and respected car brands in the world with sales of 534,332 cars in 2016 in about 100 countries. Volvo Cars has been under the ownership of the Zhejiang Geely Holding (Geely Holding) of China since 2010. It formed part of the Swedish Volvo Group until 1999, when the company was bought by Ford Motor Company of the US. In 2010, Volvo Cars was acquired by Geely Holding.
As of December 2016, Volvo Cars had over 31,000 employees worldwide. Volvo Cars head office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden. Volvo Cars head office for China is located in Shanghai. The company’s main car production plants are located in Gothenburg (Sweden), Ghent (Belgium), Chengdu and Daqing (China), while engines are manufactured in Skövde (Sweden) and Zhangjiakou (China) and body components in Olofström (Sweden).