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Volvo Cars plans to launch production of its best-selling SUV models to avoid import duties in the United States, Reuters chief executive Hakan Samuelson told Reuters. The company has already decided to transfer production of XC60 to the US market from China to avoid the import rights of the Submarine Empire, he said.
Volvo was acquired by Geely in 2010. The company has recorded four consecutive years of record sales. and for the second quarter of 2018, it recorded a 29% increase in operating profit. Revenues rose 40% to $ 337 million
The parent company has already hired Citigroup, Goldman Sachs and Morgan Stanley to prepare Volvo for the IPO. It is expected that the estimate of the manufacturer is between $ 16 billion and $ 30 billion.
Volvo has a factory in the United States, but only S60 sedans come out, and Americans are betting more and more on SUVs. The company does not comment on the move if President Donald Trump introduces a 25% duty on imports of European cars
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