Volvo to Sell 50,000 Cars in China This Year

Volvo Cars, owned by Chinese Geely, has set its objective to sell 50,000 cars in China this year, against 30,000 in 2010, said Tuesday Richard Snijders, President and CEO of the distribution division of Volvo in China.

The CEO of Volvo Stefan Jacoby announced in February to invest more than $ 11 billion (7.6 billion euros) over five years. They can be used to build new plants and development of new products.

Geely, parent company of Geely Automobile Holdings, acquired Volvo from Ford in August 2010 for $ 1.8 billion (1.4 billion), concluding the largest takeover of a foreign automaker by Chinese Company.