Ah, the ups-and-downs of Volvo. The once-Swedish automaker looked doomed following the 2008 financial crisis. Ford decided to keep the brand, but at mounting losses. In 2009, the brand was purchased by Chinese holding company Geely, the parent of Chinese automaker Geely Automobile.
The early going has been tough. The only sales bright spots for 2013 appear to be the S60, up 5.9 percent, and the XC60, up 19.4 percent this year. The balance of the line is down drastically. The bright side? We’re starting get some indication that there’s new product on the horizon.
In a report from Automotive News Europe, Geely CEO, Gui Sheng confirmed that they are in the R&D phases of future product that will be available in 2015. That is a very quick developmental stage by automotive industry standards, but the Chinese brand is feeling the pressure to produce in the automaker’s domestic market.
According to Gui Sheng, “Competitive pressure on domestic brands in the China market should increase considerably in the coming years as most major international brands are strengthening their presence.”
What that means is that while Volvo/Geely will be making cars, it will be focusing on the Chinese market. Not only is there no indication what these vehicles will look like or what badge they will wear. So, while new vehicles are on the way, they won’t be arriving here any time soon.
Image Credit: Volvointhenews.com