Volvo to Expand Vehicle Lineup in China

Zhejiang Geely Holding Group Co.'s Volvo Automobile unit will introduce 10 new models in China by 2017, says CEO Stefan Jacoby.

The new products are part of Volvo's plan to more than quadruple Chinese sales to 200,000 vehicles by 2015. The company has said it plans to invest as much as $11 billion worldwide by 2016 to support its growth plans.

The company currently sells six Swedish-made models in China, but Jacoby says some of them will be retired by 2017 as new models arrive.

Volvo aims to begin local vehicle production in mid-2013 at a new plant in Chengdu in southwestern China. A second factory is scheduled to open in 2015 in the northwestern city of Daqing. Volvo also intends to build an engine plant near Beijing. But the company is still awaiting government approval for the projects.