Designed and made in Sweden. Geely also produces Volvo designs in China also, but they try to keep all the R&D in Sweden to take advantage of what they actually paid for. Polestar is much of the same, although I think it has more Chinese influences.
Some people have even speculated that it's Volvo that wants to go independent, but comments from the returning, unretired CEO that they want to do more sharing of tech makes that less likely.