Geely Targets New Models And One Million Sales Within Five Years
China’s Zhejiang Geely Holding Group, the company that produces Geely cars, has grand plans for Volvo, even though the purchase is still far from complete. According to The Wall Street Journal, Geely intends to launch two to three more luxurious models within four years of Volvo ownership—a plan that should go some way towards achieving the targeted annual global sales of one million units within five years. For now, Volvo's annual sales stand at around 400,000 units.
Geely intends to establish a production facility in China capable of producing 300,000 cars per year. Volvo's sales in China was lacklustre last year, at 12,600 units. But Geely believes annual sales of 200,000 units is reachable.
Although named the preferred bidder for Volvo by Ford, Geely's two billion euros (RM 10.1 billion) bid for Volvo is some distance away from completion, as Ford and Volvo have yet to agree upon a technology sharing plan.