GOTHENBURG, Sweden (Bloomberg) -- The new XC90 is part of Volvo's drive for "more attractive cars" to close the sales gap with BMW, Audi and Mercedes-Benz, the three biggest premium automakers, CEO Hakan Samuelsson says.
The new premium SUV is crucial because it is Volvo's first complete model under the ownership of Chinese billionaire Li Shufu's Zhejiang Geely Holding Group Co. It uses an all-new platform and is the first model with no components from former owner Ford Motor Co.
"There is no second chance, of course. This has to work. We're confident it will," the CEO said in an Aug. 15 interview at the carmaker's headquarters in Gothenburg's Torslanda district.
The second-generation XC90, which replaces a version built since 2002, is a key part of Volvo's $11 billion project to produce a broad range of models on a new platform offering a selection of electric-power variants and safety components.
The XC90 is scheduled for its first public presentation on Aug. 26 and enters showrooms next year.