Last August, within hours of purchasing the company from Ford Motor Co., Li Shufu, founder and CEO of Zhejiang Geely Holding Group of China, said Volvo would develop a sedan to compete with the two flagship German models.
But no such sedan is planned.
“Mr. Shufu expressed a vision of where he would like Volvo to be in the future, and that vision includes a 7-Series and S-Class rival,” Volvo Cars CEO Stefan Jacoby said in an e-mail to Automotive News. “However, short- or mid-term, Volvo Cars does not have such a model in the product plan.”
In an interview after Geely's $1.5 billion purchase from Ford in August, Shufu said he wanted Volvo Cars to develop “more high-level cars that compete with the S class of Mercedes-Benz and the 7 series of BMW. … We need products to compete in that segment.”
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