Volvo Cars reverses sales slump in 2010

Volvo Cars saw plus figures in sales in 2010 after two years of decline, reported the Swedish Industry Daily Friday.

The Gothenburg-based company sold 373,525 cars last year, 11.2 percent more than that of 2009. But the figure is still not at the same level as in 2008 before the crisis hit and far from the record figure of 458,323 cars in 2007, the report said.

Volvo Cars have lost the US market and Sweden is about to overtake the US as Volvo's biggest market, according to the report.

Last year China's Geely Group purchased Volvo Cars from the US Ford car manufacturer. Volvo's Gothenburg factory is carrying on production in Sweden while Geely Group builds three new factories in China to produce Volvo cars for the Chinese market.