Investing.com -- Volvo Cars should explore more ways to collaborate with sister brands like Polestar and Geely Autos and strengthen its research and development capabilities in China, Volvo Cars and Geely Holding chair Li Shufu said on Tuesday.

"Working in isolation will ultimately lead to a self-destructive path to obsolescence," Li Shufu said during Volvo Cars' annual general meeting, referring to over $1 billion in impairments the company booked last year.

Li Shufu said the board is actively working to address these challenges and is working to identify viable solutions without delay.

During the meeting, Li Shufu said brand strength continues to be one of Volvo Car's most important assets. He said Volvo Cars should adopt proven strategies like strengthening its R&D capabilities in China and leveraging China's smart electrified industrial foundation.

Li Shufu said the asset impairment Volvo Cars suffered in 2025 underscored the urgency of global cooperation.