'I see major opportunities for Volvo Cars to improve profitability, and accelerate our growth plan in China specifically. I am convinced that Håkan Samuelsson's thorough experience and leadership will help us increase performance,' said Li Shufu, majority shareholder and chairman of the Board.

'We have a strong strategy and transformation plan in place which we will now execute. I would like to thank Stefan Jacoby for his valuable and strong contribution developing the strategy and taking the company through the first two years following the acquisition of the Volvo Car Group by Zhejiang Geely Holding,' he added.

Håkan Samuelsson has 35 years of experience from leading positions in the automotive industry, most recently as chairman & chief executive officer of MAN SE between 2005 and 2009. Since 2010 he is an independent member of the board of directors of Volvo Car Group.

'My time on the Board has provided me with insight in the Volvo brand and the company. My focus will be on execution and performance, to secure profitability and meet our sales objectives. No other business is as demanding, complex and full of challenges as the automotive industry. I look forward to leading Volvo Car Group in the most exciting period of its history,' said Samuelsson.