Volvo says to see 40-50% China sales growth in 2012

Volvo, owned by China’s Geely, should see 40-50 percent sales growth in China next year, the company’s China sales chief said on Monday.


Richard Snijders, president and CEO of Volvo’s China distribution unit, made the comment to Reuters on the sidelines of the Guangzhou auto show.


The company expects to sell between 48,000 and 50,000 cars in China this year, added Snijders, up from just over 30,000 units last year.


Geely, parent of Geely Automobile Holdings, took over Volvo from Ford Motor in August 2010, marking China’s largest overseas auto acquisition.


Volvo chief executive Stefan Jacoby in February unveiled a plan to invest up to $11 billion globally in new product development and facilities over a five-year period.


Volvo is waiting for Chinese government approval to build two car plants in the country, one in the city of Chengdu in the southwest and the other in Daqing in the northeast.


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