Klaus Zellmer Appointed New CEO of Volvo Cars Amid Revenue Challenges

Volvo Cars has announced Klaus Zellmer as its new CEO, effective no later than October 1, 2027. Zellmer will succeed Håkan Samuelsson, who will depart as his contract ends in April 2024. Samuelsson has led the company during two periods, first from 2012 to 2022 and again since April 2025.

Zellmer brings extensive experience from the automotive industry, having previously served as CEO of Skoda and held senior roles at Volkswagen Passenger Cars and Porsche. Eric Li, Chairman of Volvo Cars, highlighted Zellmer’s “deep expertise in the automotive industry” combined with broad international leadership.

This leadership change comes as Volvo Cars faces significant financial challenges. The company reported a sharp drop in revenue for the second quarter, declining from 93.5 billion SEK the previous year to 77.7 billion SEK. The downturn is largely attributed to a 30% decrease in the Chinese market, which CEO Samuelsson cited as a major external factor impacting performance. The market situation also contributed to a stock decline of over 45% in 2026.

Zellmer expressed enthusiasm about joining Volvo Cars during this pivotal time, emphasizing the brand’s strong reputation for safety. Samuelsson’s departure marks the end of a significant era, as he guided the company through major transformations over his two terms.

Volvo Cars is now poised for strategic adjustments under Zellmer’s leadership as it navigates these financial hurdles and aims to rebuild growth momentum.