Geely has ambitious plans for Volvo if wins bid

• Source: Global Times
• [10:40 November 16 2009]
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Geely plans to produce three new luxury Volvo models within four years of taking over the car brand from Ford, according to company sources.

The Zhejiang Geely Holding Group, which is Ford's preferred bidder for Volvo, said it would sell two or three bigger, more luxurious cars to boost its global sales within the next four years.

According to Geely's restructuring plan for Volvo, the target is to achieve more than 1 million units global sales per year. Currently, Volvo's sales are around 400,000 units per year.

To reach its goal, Geely plans to produce 300,000 units per year in China and it forecasts that Volvo could sell more than 200,000 units per year in the country, even though it only sold 12,600 units last year.

Geely is offering around 2 billion euros ($2.99 billion) for Volvo but negotiations are still drawn out due to intellectual property rights issues.

Agencies and Wang Yang contributed to this story