Volvo Car Group’s billionaire owner warned of the looming trade war’s adverse effects, saying consumers and automakers such as his will be among those hurt by the dispute involving the U.S. and China.
Li Shufu, whose Zhejiang Geely Holding Group Co. owns the Swedish carmaker, said both Volvo and his Chinese Geely brand would be hit if the trade tensions escalate, as the companies export and import cars between the U.S. and China. Consumers will suffer from rising costs as carmakers need to start building factories in each market to avoid tariffs, Li said at an event in Hong Kong on Thursday.
