It is chinese owned but Volvo is still a thing in Sweden. Geely bought them(Volvo Cars), gave them infinite money, so that Volvo could design and make cars like the 2nd gen xc90. In return Geely acquired the technology and know how on how to make quality cars.
Nowadays, Volvo can combine their world leading car design with Geely's electric vehicle platforms. Thats how you get a car like upcoming volvo ex30, that is cheap and (probably) good.
When Volvo was owned by Ford, it was about to go the way of the Dodo(aka Saab). Geely saved it and made it a competitive car brand.