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Volvo Car expects 25% sales growth in China for 2012: CEO

Feb. 21, 2012 (China Knowledge) - Sweden-based automaker Volvo Car Corp, a unit of Zhejiang Geely Holding Group, the parent co of Geely Automobile Holdings Ltd<0175>, aims to have a sales increase of 25% to 60,000 units in Chinese market this year, said Volvo Car CEO Stefan Jacoby.

Volvo Car's China sales for 2011 surged more than 50% to 48,000 units, Jacoby added.

Last year, the Swedish auto maker's global sales totaled 450,000 units, and the amount is expected to reach approximately 800,000 units in 2020.

Jacoby also noted that Volvo Car, which currently has 24,000 staffs, including 16,000 workers in Sweden, intends to hire another 10,000 staffs, mainly in China, as new facilities will be added for output expansion.

Li Shufu, chairman of Zhejiang Geely Holding Group, said a 50-50 joint venture with Volvo Car will be launched for domestic vehicle production under the Volvo brand.

Volvo's local production in China will start next year, said Shen Hui, chairman of Volvo Car China.

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