Volvo said it had begun producing its best-selling XC60 model at its Chengdu factory, shifting production further to the mainland for the onetime American brand, Reuters reported, citing a statement from the company. Volvo, bought by Geely Automobile Holdings (0175.HKG) from Ford Motor Co. (F.NYSE) in 2010, has racked up 16 straight months of rising sales thanks in part to strong growth in China, though lackluster performance in the US remains a headache. The company aims to nearly double annual sales to 800,000 cars by 2020 and stake out a claim in the premium market dominated by rivals such as Daimler’s (DAI.ETR) Mercedez-Benz and BMW (BMW.ETR).
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