That said, the Volvo CE does not plan to make any changes to its existing strategy in the China market.

The company will continue to hire more people in China, especially for its technology center in Jinan, Shandong, said Weissburg.

"Going forward, the center will have fewer Western employees and more Chinese talent," he said.

"We will be more localized in the technology center in order to produce goods that suit the market. We want to continue our leadership in the market and realize profits in a smart way.

"China is going through a very bad downturn of the construction sector. But people in other markets such as the United States and Europe have had multiple downturns. This is a business cycle that we need to get through together," said Weissburg

According to Weissburg, challenges are crucial for sustained growth. "It might be easier for businesses if there were no big tasks or huge stress, but then they would also get bored fast."

Q&A:

Martin Weissburg, president of Volvo CE

How do you spend your weekend?

I like to be fit physically and so like any kind of physical exercise.

More importantly, when I go biking, hiking or exploring, it is also an occasion for me to spend quality time with my family.

I also like to do a bit of gardening whenever I can.

What is the saying that you like the most?

"Be the change that you wish to see in the world"－by Mahatma Gandhi.

Who is your icon?

There are several people I admire and get inspiration from. But there is no particular favorite. People who have overcome personal adversity and managed to get back on their feet inspire me.