Audi plans 700,000 China sales per year by 2015

Audi (NSU.FRA, NSU.ETR), the market leader in China’s premium-car segment, aims to increase its annual sales in China to 700,000 cars by 2015, The Wall Street Journal reported. China sales helped propel the German automaker to become the world’s second best-selling luxury car maker last year, behind BMW AG (BMW.FRA, BMW.ETR). Audi sales chief Peter Schwarzenbauer said that, while China’s overall car market is slowing, Audi does not expect a slowdown in premium car sales. Swedish carmaker Volvo (VOL3.FRA, VOW.GR) said it plans to double the number of models it sells in China to compete with Audi and BMW in the premium segment. Geely-owned (0175.HKG) Volvo said it aims to sell 200,00 cars in China by 2015 and will introduce 10 new models to its China lineup in six years.