Geely holding group, the new owner of Swedish autotomaker Volvo, may build as many as 3 plants in China.
If it goes ahead as expected, the plan would give Zhejiang Geely a combined capacity to make 300,000 Volvo cars in China per year, Ning Shuyong told Reuters in a telephone interview.
Li adding that the move is part of the company’s efforts to double its global sales and to become the largest carmaker in China.
Quickly boosting Volvo’s presence in China is a key piece of Geely’s turnaround strategy for the brand. The plan hinges on consumer demand and approval from China’s central government, which needs to sign off on the three factories.
Volvo sold just 24,405 cars last year in China, where it has little brand presence in a highly competitive market.
Manufacturing plants in Sweden and Belgium will be maintained, the company said last month.