Volvo Cars CEO Hakan Samuelson said that the possibility of selling cars developed in the West “has almost disappeared” and Volvo Cars needs to “launch locally developed products using Chinese software.” “The market situation is much more serious than we anticipated six months ago, especially in the Chinese market, which is very challenging.” “Consumers there want to buy Chinese cars equipped with cool software features, and these features are being promoted all over the country. This is a problem for everyone in China.” The company said it has a “huge advantage” in “developing these cars together with Geely.”

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