Volvo car sales boost Geely in China
The sales of Volvo cars in China increased by almost a quarter during the current year with ten new models expected to be on sale there within the next six years. News agency Reuters reports that 100 881 cars were sold in China in the first quarter, an increase of 24.2 percent.
Chinese car company Geely, which bought the Swedish iconic brand in 2010, told Reuters that it is looking at ways to utilise Volvo in its domestic market to save itself.
"We must work hard so that Geely does not die," said Li Shufu, Geely Chairman to Reuters.
"There are more brands and more products in China than ever before, and that's making market conditions suddenly more competitive and tough for everyone," Shufu said ahead of the Beijing Auto Show which begins today.
News agency TT reports that Volvo currently sells six models in China and is ranked as the country's fifth best selling luxury car brand.
China's President is currently on a tour of northern Europe and arrives in Sweden later today. He is visiting Volvo's main factory in Gothenburg on Tuesday.