Volvo Cars, the Swedish automaker owned by Chinese manufacturer Zhejiang Geely Holding Group Co., said it’ll be “very tough” to make an operating profit this year because of investment spending and declining sales.
Steven Armstrong , chief operating officer of Volvo Cars, will leave the Swedish automaker to join former employer Ford Motor Co. as part of a management reshuffle under new Chief Executive Officer Stefan Jacoby .
Volvo Cars , the Swedish automaker acquired by Zhejiang Geely Holding Group Co. , plans to invest as much as $11 billion worldwide over the next five years to tap rising demand in markets including China.
Volvo Car Corp. showed a five-door hatchback this week in Geneva featuring the world’s first pedestrian air bag. The Swedish carmaker is counting on such innovations to burnish its safety image and help double sales.