Volvo CEO Stefan Jacoby told reporters, “It’s not in our midterm or long-term strategy right now.”
Geely Holding Group purchased Volvo last year from Ford and Geely Chairman Li Shufu has been pushing for a more upscale Volvo to compete with the German brands, like BMW and Mercedes-Benz. That plan is now dead.
“It is too early to enter the S-class-size market,” Jacoby said. “We are concentrating with our new products on our core segments.”
Full Story: Automotive News
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