Geely is Volvo's parent company but Volvo still designs and manufactures its cars. Geely gets to benefit from Volvo technology for its own Chinese brands.
Just like Tata owns Jaguar and Land Rover but it doesn't mean India is "pumping out world-class cars".
I left China in 2017 so my info is a little dated but unless there was a _giant_ leap in quality I wouldn't trust a Chinese car any more than I trust other Chinese products (products made to spec in China is a different matter altogether). And when I was there anyone in China who could afford a foreign brand wasn't buying Chinese brands either.
It's not that Chinese are incapable of making great products, but cutting corners and crappy customer service is deeply embedded into their business culture. Things are changing but there's still a long way to go.
You can't buy $100 worth of merchandise for 1 penny. It's the manufacturer's principal's bid and proposed criteria that are key.
There are still a lot of third world populations in the world that need low quality, low price shit. Including parts of the U.S. population.