Volvo: China will be our No. 1 market this year
Volvo Car Corp., the Swedish luxury carmaker owned by Zhejiang Geely Holding Group Co., said it expects China to surpass the United States as its largest market this year.
Volvo says it probably will deliver at least 80,000 vehicles in the China in 2014, up 33 percent from last year. That would outpace the 20 percent industry sales growth forecast for China's luxury segment this year.
The company also says it will produce the XC Classic, a China variant of the XC90 that will cease production in Sweden this year, at its plant in Daqing.
Volvo is in the midst of a four-year, 11 billion-euro (94.81 billion yuan) project to develop new models. The company plans to double global deliveries to 800,000 vehicles by 2020.
That compares with a goal by BMW AG, the world's leading luxury automaker, to sell 2 million cars worldwide this year.
Volvo is displaying a plug-in hybrid version of the long-wheelbase S60 sedan at the Beijing auto show. The vehicle will go into production in 2015 at the company's plant in Chengdu, China. That plant started making the S60L late last year.
Volvo has teamed up with Geely to develop a platform for small cars that will be marketed in about three to four years.
Geely purchased Volvo from Ford Motor Co. in 2010.
The company also says it will produce the XC Classic, a China variant of the XC90 that will cease production in Sweden this year, at its plant in Daqing.
Volvo is in the midst of a four-year, 11 billion-euro (94.81 billion yuan) project to develop new models. The company plans to double global deliveries to 800,000 vehicles by 2020.
That compares with a goal by BMW AG, the world's leading luxury automaker, to sell 2 million cars worldwide this year.
Volvo is displaying a plug-in hybrid version of the long-wheelbase S60 sedan at the Beijing auto show. The vehicle will go into production in 2015 at the company's plant in Chengdu, China. That plant started making the S60L late last year.
Volvo has teamed up with Geely to develop a platform for small cars that will be marketed in about three to four years.
Geely purchased Volvo from Ford Motor Co. in 2010.
