Volvo Cars CEO, Håkan Samuelsson, has extended his contract and will continue as the CEO till 2022. Volvo claims that this extension will provide continuity to the transformation of the brand globally as a diversified mobility service provider. Samuelsson took on the role as the brand’s CEO in October 2012, and under his reign, Volvo has gone through a drastic transformation and further established itself as an innovative, luxury and premium global brand with their latest generation models. Volvo has been able to develop new platforms, powertrains, safety and infotainment technology in-house.
All of this has also led the company to clock in record profits with year-on-year growth to further strengthen the brand. By the middle of the next decade, Volvo expects to generate half of its annual sales from fully electric cars, while one-third of all cars are expected to be autonomous. It also aims to offer half of its cars to customers through an innovative subscription-based channel. Volvo will roll out new plans to market, like their car subscription service called Car by Volvo, its new mobility company called ‘M’ and a new electric performance brand called Polestar. Along with these plans, Volvo will continue to innovate with the Chinese car brand LYNK & CO and autonomous software company Zenuity.