April 14, 2008 -- China will become a major market for Volvo and one of the largest business growth spots in Asia, said Par Ostberg, Senior Vice President of Volvo Group. With 4,000 employees, Volvo posts sales of $1.5 billion annually in China. Volvo has set up bus joint ventures in Shanghai and Xian, respectively and a solely funded firm, Volvo Construction Equipment Plant in Shanghai.
Volvo has also purchased an engine and motor plant for ship use in Wuxi, a city in east China's Jiangsu Province. Volvo recently acquired 96 per cent of the equities of Nissan Diesel, which has a joint venture with China's Dongfeng Automobile Company. Par Ostberg said that Volvo hoped to further enter China's truck, construction equipment and bus market.
Abstracted from Asia Pulse
