The new CEO of Volvo has said that the brand needs to change in order to attract new customers.
In his first week of taking on the job, Stefan Jacoby released a statement saying that Volvo’s traditional brand values must move on if the company is to shake off its reputation for playing second string to brands such as Audi and BMW.
Jacoby, who used to head VW in America, said that the qualities Volvo was famous for – ‘Swedish and Scandinavian quality, design, uniqueness, and of course safety and reliability’ – had given them a good foundation but may not be enough to attract new customers in the coming years.
He also said that imitating their competitors would not be enough to achieve success, ‘We can’t just be like BMW’.
Jacoby, unlike many car manufacturers, will not be focussing the company’s energies on electric vehicles, stating that ‘It will take a long period for one of the technologies to take over the dominance of the combustion engine’.
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Katie Dickinson
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