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With the deal now done, the real challenge for Geely will lie ahead as it aims to restore Volvo to long term profits. Chairman of Geely Group and Volvo Car Corporation, Li Shufu, told China Central Television that he hopes to restore Volvo to a leading position in the global luxury auto market. He confirmed that Volvo will remain headquartered in Sweden, with independent management. He also spoke about the brand's further expansion around the world.
Li Shufu said "The purchase will eventually be a huge success. We are very confident in Volvo's future. Its strong competitiveness plus China's lucrative market as well as relatively low cost will help us stand out from the competition. Volvo will strengthen its presence in Europe and North America, while also taking advantage of growth opportunities in emerging countries like China. As to whether Volvo will set up plants in China, of what kind, and how many, these are all up to the board. I will only provide some suggestions."
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