Volvo CEO Stefan Jacoby says the company needs to get rid of its premium status and come up with a new product strategy.

Ever since Volvo was taken over by Geely, they have been re-evaluating their product plan, and Jacoby believes that remaining a premium brand is a bad idea.

The CEO had this to say: “Let’s ditch this talk about premium. It sounds like a pricing strategy and it’s got an expensive ring to it. We need to focus on elegant Scandinavian simplicity, our own unique identity, and not copy our competitors.”

By 2020, Jacoby wants the brand to have 800,000 sales, more than double what they expect to sell by the end of this year, but if the brand does switch strategies, that figure may be attainable. He also believes that the brand needs to regain strength in the US market to hit the sales target.

Source: Autocar