Volvo plans to more than double its number of models in China, to compete with Audi, Volkswagen and BMW in the world’s largest automobile market.
Currently Volvo has 6 models in China and plans to introduce 10 new ones in the next 6 years, including “bigger and more luxury high end” vehicles, as well as medium- to small-sized cars such as the V40 hatchback. The company aims at doubling sales to 800,000 units globally in the next 10 years. Ranked 5th in luxury-car sales in China, the company intends to invest as much as $11 billion globally by 2016 to meet its expansion plans.
“We are going to make huge investments into development and facility construction in China,” Zhejiang Geely Chairman Li Shufu said. “I believe Volvo will meet its growth target in the world as well as in China.”
Gothenburg, Sweden-based Volvo, plans to sell 200,000 units in China by 2015, compared to 47,150 units, the estimated number in 2011. Volvo also tries to get government approval to build plants in the city of Chengdu, southwestern China, and a second factory in northeastern city of Daqing.