Volvo considers local manufacturing facility
Volvo Cars is also considering starting the manufacture of cars in China.
“To reach a competitive market situation Volvo Cars is studying local manufacturing opportunities in China, but no decision has been taken yet,” says Hans-Olov Olsson, President and CEO of the Volvo Car Corporation.
Increased market share
The Chinese GDP is expected to grow by some 8 percent per year over the next five years – and the prediction for the car market is a growth rate of 10 per cent per year during the next ten years.
This indicates the huge potential – and Volvo’s target is to conquer a growing share of the premium segment.
Volvo S80 bestseller in China
At the moment, the discerning Chinese car buyers favour the luxury Volvo S80 sedan.
Volvo also expects sales figures for the XC90 to grow rapidly in the coming years.
“We grew stronger by introducing the all-new Volvo S40 in China in late 2004. And now the new Volvo XC90 V8 makes our product portfolio even stronger and it paves the way for the sales boost we are looking for”, says Hans-Olov Olsson.