Volvo is currently hitting its target to sell at least 400,000 vehicles in 2011, the company’s director of information, Olle Axelson, told Dagens Industri. He added that if the situation remains the same way as it was in May and June, then the upper level would be more than 425,000 units.
Last year, Volvo achieved record international sales of 373,525 cars, an increase of 11.2 percent from 2009. Year 2010 was the company’s first profitable year, the paper reported.
The company’s Chief Executive Officer Stefan Jacoby disclosed in March that the automaker expected to sell "significantly more cars in 2011" versus last year following a deep drop that hurt vehicle manufacturers all over the world.
Volvo has been rehiring workers (who were laid off during the crisis) as it extends its capacity in its factories in Europe in order to meet strong international market demand.
Jacoby also announced in February that it is banking on hitting annual sales of 800,000 vehicles before 2020. Geely, the parent of Geely Automobile Holdings, purchased Volvo from Ford Motor Co. for $1.7 billion in 2010.
This is China's biggest acquisition of a foreign automaker. On the other hand, the Swedish automaker intends to sell at most 200,000 units annually in China by 2015 from around 30,000 units last year. It has set a goal of obtaining 20 percent of the luxury vehicle sector of the country.