Volvo Car AB should start producing its Chinese sister brand’s models at its factories as the auto industry grapples with overcapacity, according to its billionaire owner Li Shufu.

Tesla Inc. and brands controlled by Zhejiang Geely Holding Group Co. will likely be the first beneficiaries of Canada’s move to slash import tariffs on made-in-China electric vehicles.

Luminar Technologies Inc, which manufactures laser-based sensors for cars, filed for bankruptcy shortly after it lost a contract with Swedish carmaker Volvo Car AB.