Volvo opens China headquarters
Swedish based car brand Volvo has opened a new Chinese headquarters in Shanghai as it aims to expand its growth in the country following Geely's purchase of the carmaker last year.
The headquarters will house a research facility. Geely purchased Volvo from Ford last August for 1.5 billion US dollars .
In a statement, Volvo China chairman Freeman Shen said:
" China is the world's largest auto market. To capture the business growth and build Volvo Cars (into) an admired brand in China, (the company) has been strengthening the leadership team in China."
In 2010, Volvo sales in China grew by 36 percent and Chinese carmaker Geely said it hoped to sell 300 000 Volvos there by 2020.
A decision about where to build a production plant in China has yet to be announced.