It's on its way to being a Chinese-owned brand.

Just like MG, which is now a brand owned by Shanghai Automotive Industrial Co. Or Jaguar Land Rover, owned by Tata Industries.

It's only a reductionist view in the very short term.

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.

Indeed. Nobody was calling it an American car company when Ford owned it. Once it formally merges with Geely, it will become a Chinese car company.