Volvo Hopes to Double Sales by 2020
From LeftLaneNews – Now under the ownership of China’s Geely, Volvo has announced plans for an aggressive growth strategy. Volvo says it will invest $11 billion in its global operations over the next five years in a bid to boost annual sales to 800,000 units.
Volvo didn’t breakdown its $11 billion investment by country, but it’s clear that China will be receiving most of the funds. Volvo CEO Stefan Jacoby confirmed on Friday that the Swedish automaker is considering exporting China-made vehicles.
“It is obvious that at some point manufacturers will export from China,” Jacoby said. “We, as a global premium brand with European heritage, have a very good opportunity to be owned by a Chinese enterprise and to utilize our manufacturing capacities here.”
In addition to a manufacturing base, China will also play a major role in Volvo’s sales goals. Volvo is aiming to double its global sales to 800,000 units by 2020, with China expected to make up a large portion of that. Volvo expects to sell 200,000 cars in China by 2015, up from 30,000 in 2010.
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