An article published on 247wallst.com named Volvo among brands it predicted to disappear by 2014, but president and CEO of Volvo Cars of North America John Maloney says it isn’t true.
“We’re on the right shopping list, but we need to get on more shopping lists,” he said to Ward’s Auto. Currently, the automaker is most cross-shopped against Audi in the U.S. and then with BMW.
The blog post gathering attention suggests Volvos resources are insufficient, saying “brands with market shares under half a percent cannot compete with companies that either produce high-luxury models like Mercedes-Benz or multiline giants like General Motors.”
Volvo isn’t throwing in the towel. Instead, the company plans to introduce four facelifted vehicles for the 2014 model year and four new four-cylinder engines. The revamped lineup will consist of the S60, XC60, S80 and XC70 first seen during the Geneva Motor Show in March.
Maloney said customers won’t notice the difference between the new engines and V6 mills, but declined to divulge output figures. He also said the company has committed to a 25 percent increase in its marketing budget and a 20 percent “competitive” increase in incentives.
[Source: Ward’s Auto]
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