Volvo on Tuesday opened a new China headquarters in Shanghai as it seeks to expand its market share in the country following Chinese group Geely's purchase of the Swedish carmaker last year. Volvo president and chief executive Stefan Jacoby said the company's Chinese presence had gone from being a sales arm to a full-fledged research and manufacturing operation within months.
"I am glad to see the China operations team has been set up and has made a huge progress over the last few months, expanding our business presence in China," Jacoby said in a company statement.