Volvo Car

Volvo Car has abandoned its annual targets because of difficult business in China and the US and expects a sharp drop in profits. Business in Europe is stable, but sales and cash-flow plans are no longer achievable. CEO Håkan Samuelsson expects a profit slump in the third quarter and named no new short-term targets; the share price fell in reaction. » More on finanzen.net

Klaus Zellmer, until now chairman and CEO of Škoda, will become the new CEO of Volvo Cars no later than October 1, 2027, succeeding Hakan Samuelsson. The move comes during a difficult period for Volkswagen, which recently cut its outlook sharply, and for Volvo, which is suffering from U.S. tariffs, weak electric‑car demand and slumps in China. Zellmer turned Škoda into one of the growth brands within the VW Group; Volvo meanwhile plans 13 new models by 2030 as it aims to double its market share. » More on t-online.de

Klaus Zellmer, until now head of VW subsidiary Skoda, will move to the rival no later than October 2027 and is set to take over leadership of Volvo Cars. He will succeed Hakan Samuelsson, who plans to retire in 2026. The departure hits the VW Group during a crisis, after it recently had to sharply cut its annual forecast due to write-downs and weak business. » More on finanzen.net