Volvo chief Håkan Samuelsson said in a statement:

"Private car ownership will not disappear, but as an automaker we need to embrace the fact that it will reduce and - more importantly - change. We have a proven and profitable concept in our home market which we intend to leverage as we develop a global concept.

Today's notion of mobility and car ownership is changing. By recognising this fundamental and rapid shift in individual mobility behaviour and responding to it, we ensure that Volvo will continue to be relevant in the eyes of the consumer."