First TikTok, now automakers. Does Volvo’s Chinese ownership threaten US national security?
Volvo Car AB a threat to US national security? Washington appears to think it might be, and the consequences could be profound for Chinese majority-owner Zhejiang Geely Holding Group Co., as well as car buyers everywhere.
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A brand renowned for safety (and lauded by US conservatives for its family values), could in theory be prohibited from selling cars stateside from 2027 due to new regulations designed to block China from spying on US citizens or carrying out a cyberattack. Modern cars are highly sophisticated computers on wheels, creating vulnerabilities that hackers can exploit.
While most people think of Volvo as Swedish — it’s headquartered in Gothenburg and listed on the Nasdaq Stockholm exchange — Geely acquired Volvo from Ford Motor Co. for $1.8 billion in 2010. And that’s now a potential problem.
US Department of Commerce rules finalized in the last days of the Biden administration prohibit the sale or import of so-called connected vehicles containing advanced data-connectivity equipment and automated driving software if these systems are designed or produced by Chinese or Russian entities. Furthermore, automakers owned, controlled or subject to the jurisdiction or direction of these adversaries are barred from selling connected vehicles in the US regardless of who designed the relevant
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