Will Volvos resonate with Chinese buyers? Here’s hoping, since the Shanghai Securities News reported that Volvo’s new Chinese owner hopes to sell nearly 150,000 vehicles in the country annually by 2015.
Back in March, Geely acquired the former Ford holding for $1.8 billion, but the Geely-Volvo headlines have been relatively barren since then. The transaction is expected to close by the end of the third quarter this year and Geely will seek to capitalize on the Volvo name and grow home sales with the XC60, S40, S80, and 2011 S60. According to the SSN report, the XC60 is due in China later this year with the S60 to follow in 2011. Both the S40 and S80 sedans are currently manufactured at the Changan-Ford-Mazda venture, although that alliance is reportedly ending soon as well.
From January to May, Volvo sales in China grew 108 percent. China is currently Volvo’s fourth-largest market in the world.
Source: Shanghai Securities News (via Reuters)