Unlike eg Huawei, Volvo is not exactly a strategic target for anybody though.
At one point the PRC will decide to just pull the design part of Volvo Cars out of Sweden. It would be incredibly naive to not think this would happen. Hence there needs to be an intelligently designed government intervention.
It looks like 80% of cars were made in China. Tesla, Volvo, Polestar.
https://www.electrive.com/2022/10/04/bevs-reach-77-market-sh...
https://www.media.volvocars.com/global/en-gb/media/pressrele...
https://www.media.volvocars.com/global/en-gb/media/pressrele...