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Volvo chairman aims for sales to exceed one million cars in long term -report
April 1, 2014 / 6:11 AM / 3 years ago

Volvo chairman aims for sales to exceed one million cars in long term -report

STOCKHOLM, April 1 (Reuters) - Volvo Car Group, one of Sweden’s biggest companies by revenue, targets annual sales of over one million vehicles in the long term, co-owner and chairman Li Shufu said in a newspaper interview published on Tuesday.

Volvo, bought by China’s Zhejiang Geely Holding Group Co. from Ford Motor Co. in 2010, aims for annual sales of 800,000 cars by 2020, almost double the level last year, helped primarily by growth in China.

“The long term target beyond 2020 is above a million cars,” Shufu was quoted a saying in an interview in Brussels with Swedish business daily Dagens Industri.

Shufu reiterated Volvo’s 8 percent operating margin goal, from 1.6 percent in 2013.

He also said the car maker’s strategy was in place and that future top level discussion would focus on “fine tuning”.

Gothenburg-based Volvo reported operating profit of 1.92 billion crowns ($296 million) last year from 66 million in 2012, thanks to stronger sales and cost management.

$1 = 6.4835 Swedish Crowns Reporting by Niklas Pollard; Editing by Christopher Cushing

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