Volvo Cars CEO to Exit, Chevron Ramps Up Drilling: Key Business Developments

Volvo Cars Chief Executive Hakan Samuelsson will step down, the company has announced. Samuelsson returned from retirement in April 2025 to lead the automaker amid a sharp decline in its share price and the costly shift to electric vehicles. His departure marks another leadership change for the Swedish carmaker as it navigates a challenging transition.

In the energy sector, Chevron is preparing a significant expansion of its drilling programme. The US oil major plans to increase the number of wells it drills next year as part of a broader spending surge aimed at overhauling its approach to oil and gas exploration.

Chinese battery giant CATL has developed a new battery technology for American vehicles, despite facing substantial trade barriers in the US market. The company has been largely shut out of the US due to security concerns and heightened tensions between Washington and Beijing, but the new development signals its continued push into the American market.

Meanwhile, Legend Holdings, the major backer of computer group Lenovo, is working with Goldman Sachs to sell its 90% stake in Banque Internationale à Luxembourg. The sale is valued at €2.5 billion and would mark a significant divestment for the Chinese conglomerate.