Geely unveils premium Volvos after rescuing Swedish icon

Beijing

VOLVO Car Group's newest and fanciest sedan has a built-in refrigeration compartment, handmade crystal Orrefors glassware - and the hopes of China's premium auto-manufacturing industry riding on it.

Zhejiang Geely Holding Group Co, Volvo Cars' Chinese owner, unveiled upgraded versions of its S90 sedan, including the top-of-the range S90 Excellence, in Shanghai on Wednesday. The executive vehicles will be made in Daqing, China's oil capital, and represent the latest product of a reinvigorated research and development (R&D) programme that has bolstered profit and helped drive record sales for the Swedish icon.

Eventually, production of the premium cars will move from Europe to China, where Geely is building a third factory, in Luqiao, for making both Volvos and mid-tier Lynk & Co brand cars, the company said. The changes are part of billionaire Li Shufu's plan…