Volvo Cars has appointed Klaus Zellmer as its new President and Chief Executive Officer, taking over from Håkan Samuelsson. Zellmer, who is currently the Chairman of the Board of Management and CEO of Škoda Auto, will assume his new role no later than October 1, 2027. Samuelsson, who had returned to lead Volvo Cars in April 2025 for a second tenure after initially serving from 2012 to 2022, will work with the board to ensure a smooth transition.
Samuelsson's return in 2025 was aimed at guiding the company through challenging times and developing a future strategic roadmap, with his contract set to expire in April next year. He recently stated he would not be working full-time after his contract concludes. During his recent tenure, Samuelsson outlined an ambitious strategy to launch 13 new models by 2030, aiming to double the company's market share despite struggles with US tariffs and slumping sales in China.
Zellmer brings over 30 years of experience in the automotive industry, having held senior leadership positions at Porsche for more than 20 years, including CEO of Porsche Deutschland, and later at Volkswagen Passenger Cars overseeing marketing, sales, and after-sales. Under his leadership at Škoda Auto, the company became one of Europe's best-selling car brands, achieving record results in 2025 and further growth in electric vehicle deliveries in the first half of 2026. Volvo Cars' shares, which Samuelsson was tasked with reviving, have traded near record lows and are down over 45% this year.
Analysts have given Volvo Cars a "Mean consensus UNDERPERFORM" rating, with 12 analysts participating. The last close price was 16.83 SEK, with an average target price of 18.77 SEK, representing a spread of +11.54% from the last close. Volvo Cars, majority-owned by China's Geely Holding, faces challenges in meeting profitability targets due to various external factors and is navigating the complexities of balancing Western and Chinese technologies.
Zellmer expressed his delight in joining Volvo Cars during a pivotal moment, admiring the brand's reputation for safety, design language, and identity. He looks forward to working with the team to contribute to the company's continued development and to shaping its next chapter, building on its ability to reinvent itself time and again.
