Volvo Cars is the veteran chief executive to address the definitions and the challenges of the rising industry

Copenhagen (Reuters) returned Volvo cars, which the majority fill by Jelly, Chinese CEO Hakan Samuelson, to the company’s presidency for the next two years at a turbulent time characterized by the pressure of the escalating tariff, to replace Jim Rawan who has managed the group since 2022.

Samuelson, 74, is driving after US President Donald Trump followed his threats last week with new definitions on imported cars, saying that 25 % is a duty on vehicles that were not built in the United States will start this week.

“The auto industry is under pressure from many directions,” Samuelson said in a statement.

The shares of the company, which decreased by almost 70 % since the group list for 2021, decreased by 1.2 % to the lowest new level ever by 0844 GMT on Monday, while the broader market in Stockholm fell by 1.6 %.

On Sunday, Samuelson said on Tuesday and will serve a two -year penalty, while the group is preparing to appoint a long -term successor.

Rawan’s exit comes just about three years after his appointment in January 2022, which followed the Volvo list on the Stockholm Stock Exchange in the previous year.

Eric Lee, Chairman of Volvo cars, said that the company is facing fast -moving technological transformations, increasing geopolitical challenges, and intensifying competition.

“It brings a rare mixture of industrial depth, strategic clarity, and installed leadership, and Hakan has wide knowledge of our group,” told me about the veteran CEO who conducted Volvo from 2012 to 2022.

Last month, Volvo Cars warned that the year 2025 would be a troubled and competitive year during which it might fight to match the performance of its sales and its profit 2024.

Jelly Sweden, who runs the group’s investments in European brands such as Polestar and Volvo Cars, refused to provide more comments.

Trump is scheduled to announce more customs tariffs on Wednesday, which was called “Liberation Day”.

(Chevani Tana reports in Bangaluru and Johann Ahander and Mary Manz in Stockholm; edited by Sharon Singon, Jin Meriman and David Evans)