The man picked to head up Volvo (VOLVB.OMX) following its US$1.5 billion acquisition by Geely Holding Group plans to push the brand upmarket and make China its biggest market within five years, the Financial Times reported. “I totally agree we have to up-scale Volvo in the near future to have a solid position in the premium segment,” Stefan Jacoby said. Sweden’s Volvo aims to sell just 30,000 cars in China this year, having cleared 22,000 in 2009, a fraction of the 335,000 vehicles it sold worldwide. It trails the German luxury brands globally and in China, where the luxury market is growing rapidly. Volvo makes its S40 executive compact car and a long-wheelbase version of its S80 saloon at Ford (F.NYSE) and Mazda’s (7261.TYO) joint venture with Chang’an (000625.SZ) in Chongqing. This will continue for the current production generation despite Ford sale of Volvo to Geely, parent of Geely Automobile Holdings (0175.HK).
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