Volvo Cars CEO vows to produce more cars in the US

Reuters

Thu, Apr 3, 2025, 7:23 AM 1 min read

GOTHENBURG, Sweden (Reuters) - Volvo Cars' caller apical enforcement said connected Thursday the institution would nutrient much cars successful the United States portion ramping up its regionalisation efforts, conscionable arsenic a 25% U.S. tariff connected planetary autos takes effect.

European companies are scrambling to find solutions arsenic President Donald Trump's 25% duties connected overseas cars became effectual and a bigger-than-expected partition of import tariffs was unveiled connected Wednesday.

Volvo Cars, which made an unexpected determination connected Sunday to regenerate its CEO and instrumentality erstwhile main enforcement Hakan Samuelsson to the helm of the company, has struggled lately, with its stock terms falling to grounds lows amid a slowdown successful EV request and planetary uncertainty.

As the institution held its AGM successful Gothenburg connected Thursday, investors were anxious to perceive what Samuelsson, who led the institution for implicit 10 years until 2021, would accidental astir plans to revive the shares and amended the company.

"The stock terms has not developed arsenic you shareholders person expected......This is an indicator that our shareholders are not afloat invested successful Volvo Cars," Samuelsson said, adding it would beryllium his occupation to triumph that religion backmost successful the company.

He said helium would look astatine ways to chopped costs and amended strategy, which would see ramping up its regionalisation efforts with hubs successful China, the U.S and Europe.

"We are good prepared successful China and successful Europe. But we request to beryllium amended successful the U.S. to get astir the import tariffs," Samuelsson said, adding helium expected to ramp up accumulation astatine its Charleston works successful South Carolina.

(Reporting by Marie Mannes successful Gothenburg, editing by Anna Ringstrom and Bernadette Baum)