BEIJING -- Volvo Car, owned by China's Geely Holding Group, aims to sell 50,000 cars in China this year, a senior executive said.
Richard Snijders, president and CEO of Volvo's China distribution unit, made the forecast in comments to reporters in Beijing on Tuesday.
The new target would mark an increase from slightly more than 30,000 cars sold in the country last year. Sales in China rose 62 percent in the second-quarter, Volvo reported last week.
Geely, parent of Geely Automobile Holdings, took over Volvo from Ford Motor Co. in August 2010, marking China's largest overseas auto acquisition.
In February, Volvo CEO Stefan Jacoby unveiled a plan to invest up to $11 billion globally in new product development and facilities over a five-year period.
Second-quarter earnings boost
Last week, Volvo reported higher earnings for the second quarter, boosted largely by increased new-car sales in China, Europe and North America.
The automaker said operating EBIT (earnings before interest and taxes) was 600 million kronor ($95 million), an improvement of 170 million kronor compared to the same period last year.
Revenue was 33 billion kronor, up 3.5 billion kronor from the year before period. Second-quarter retail sales rose 26.6 percent to 123,919 cars.
Earlier this year, Volvo announced plans to boost capacity and add 600 blue collar workers.
Sources: Reuters; with contributions from David Jolley