Volvo plans to sell 1 million cars a year after 2020 image

Volvo Car Group, the maker of luxury vehicles plans to sell more than 1 million cars a year in the long-term, CEO Li Shufu said in an interview with Swedish business daily Dagens Industri.

Li Shufu, the CEO of Geely Automobile – the company that booth Volvo Cars from Ford in 2010 said the Swedish automaker aims to sell about 800,000 vehicles by 2020 – almost 110 percent more compared to 427,840 cars It sold in 2013.

But the executive targets even more sales after 2020 – when, according to Shufu, Volvo should sell more than 1 million cars a year.

“The long term target beyond 2020 is above a million cars,” Shufu said.

“This is a significant step in a longer path toward sustainable growth,” Bernard Bradley, vice president of global sales, said in an interview.

Last year Volvo’s sales rose only 1.4 percent – helped mostly by China, where sales grew by 46 percent.

The automaker reported operating profit of $296 million in 2013.

At this moment Volvo operates three assembly plants in China – in Chongqing, Chengdu and Daqing.