Volvo's >80% privately owned by one Chinese guy (through a holding company).

So yes, it's a Chinese company, as much as the ownership of any large modern conglomerate can be attributed to a given nation. If that one guy wants all Volvo's to be shipped fluorescent pink it's going to happen.

Note that I was referring to Volvo Cars, the company that manufactures trucks etc. isn't owned by the same holding company, but they've got an agreement to share the "Volvo" brand.