It looks like the Concept Universe luxury sedan that Volvo showed off at the Shanghai Auto Show is only a design exercise, and no less than the Swedish carmaker's chief executive has confirmed it.
"It is not in our midterm or long-term strategy right now," Volvo chief executive Stefan Jacoby told reporters at the show. "That has been decided."
Autonews.com added that Jacoby said it was too early for Volvo to enter the full-size luxury car market.
Instead, Volvo will reportedly be concentrating on its new products in its core segments by spending $11 billion to redesign its products and build a production capacity in China, the first step of which is to construct an assembly plant in the city of Chengdu that will be operational by 2013.
Though Volvo is known as a Swedish car brand, the carmaker is now owned by China-based Zhejiang Geely Holding Group which purchased the Volvo Car Corp. from Ford Motor Company last year for $1.7 billion.