Volvo Cars has announced that their CEO and president Håkan Samuelsson will stay on till 2022 subsequent to an extension of his his current contract. This provides the company a continuity at the top as it rolls out new models and moves towards electrification.

“I have enjoyed leading this company tremendously so far and I look forward to continuing the transformation of our company,” said Håkan Samuelsson.

Samuelsson has been the CEO of the company since 2012. The decade during which he has lead the company has witnessed a boost in volumes and profitability based on new platforms, new drivetrains and a move into new markets.

By the middle of the next decade it expects to generate half of all annual sales from fully electric cars, while one-third of all cars are expected to be autonomous. It also aims to offer half of all cars to customers via subscription. These moves will be made under the company’s Freedom to Move initiative.

Volvo Cars has also expanded its operations to include car use by subscription (Care by Volvo), the new mobility operations under M, the electric performance car company Polestar as well as its stake in Lynk & Co.

“The industry is changing and so are the expectations of our customers. We need and want to answer those demands,” said Mr. Samuelsson. “Our course for the coming years is to turn our disruptive ambitions into a concrete reality. Our transformation is not over and in the Volvo story there is a lot more to come.”

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