Volvo Cars sees the Chinese car market growing by 10-15 percent per year in the coming years, its chief executive, Stefan Jacoby, told Reuters in an interview at the Shanghai Auto Show on April 19. "It's the biggest single country on the planet," Jacoby said. Volvo, based in Sweden, is owned by China's Geely.
"There's high demand for mobility and high wealth development," Jacoby said, adding that the premium segment should continue to grow faster than the mass market in China.
Geely, parent of Geely Automobile Holdings, took over Ford Motor's Volvo car unit in August 2010 in China's largest acquisition of a foreign car maker.
Volvo wants to sell up to 200,000 vehicles per year in China by 2015, from just over 30,000 units in 2010, and has set a goal of capturing 20 percent of the country's premium auto sector.
Volvo said in February it would invest up to $11 billion in new product development and facilities over the next five years, eyeing China's growing number of rich to boost the Swedish brand's global profile.
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