Volvo sees its China sales growing 50% in '12
Volvo Car Corp. expects sales growth of 40 to 50 percent in China next year, the company's China sales chief said on Monday.
Richard Snijders, CEO of Volvo's China distribution unit, made the comment to Reuters on the sidelines of the Guangzhou auto show. The company expects to sell 48,000 to 50,000 cars in China this year, added Snijders, up from just over 30,000 units last year.
Volvo parent Zhejiang Geely Holding Group purchased the Swedish automaker from Ford Motor Co. in 2010 to complete China's largest overseas auto acquisition.
In February, Volvo CEO Stefan Jacoby in February unveiled a plan to invest up to $11 billion globally in new product development and facilities over five years.
Volvo seeks Chinese government approval to build two assembly plants in the country, one in the city of Chengdu in the southwest and the other in Daqing in the northeast.
