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Volvo set ups China headquarters in Shanghai
By Jin Jing |
January 25, 2011, Tuesday
|
Online Edition
Online Edition
VOLVO Car Corp, owned by China's Geely Holdings Group Co Ltd, today announced the establishment of its Chinese headquarters in Shanghai and plans to grab a 20 percent share on China's premier car market by 2015.
The set-up of the Chinese operation marks the Swedish car maker is accelerating its localization in China, the world largest auto market that is crucial for boosting its global sales.
Privately-owned Geely completed its US$1.8 billion buyout of Ford Motor Co's Volvo unit last August, which was the biggest overseas acquisition in China's automotive industry.
Since then, Volvo has been building its management team in China and seeking a production base to make Volvo cars locally.
Besides the Chinese headquarters, Volvo today also announced it will set up its Chinese technical center in Jiading, the auto center of Shanghai.
Freeman Shen, Chinese president of Volvo Cars, said in order to tap growth opportunities in China, the company has mapped out an overall strategy.
"We aim to lift our share of China's luxury car market to 20 percent with sales of 200,000 Volvo cars by 2015," Shen said.
The set-up of the Chinese operation marks the Swedish car maker is accelerating its localization in China, the world largest auto market that is crucial for boosting its global sales.
Privately-owned Geely completed its US$1.8 billion buyout of Ford Motor Co's Volvo unit last August, which was the biggest overseas acquisition in China's automotive industry.
Since then, Volvo has been building its management team in China and seeking a production base to make Volvo cars locally.
Besides the Chinese headquarters, Volvo today also announced it will set up its Chinese technical center in Jiading, the auto center of Shanghai.
Freeman Shen, Chinese president of Volvo Cars, said in order to tap growth opportunities in China, the company has mapped out an overall strategy.
"We aim to lift our share of China's luxury car market to 20 percent with sales of 200,000 Volvo cars by 2015," Shen said.
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