The deal enabled the Hangzhou-based firm in east China's Zhejiang Province to obtain advanced technologies from Volvo as well as the prestigious brand.

Volvo sales rose 11.2 percent year on year to 374,000 vehicles last year, Jacoby said, adding that the company aimed to raise global sales to 800,000 by 2020.

Volvo's sales in China went up 36 percent to exceed 30,000 last year, figures released by the company showed.

Jacoby said the company would strengthen its sales network in China by increasing 4S dealers from 106 to 220 to achieve the sales target of 200,000 by 2015.

Source: Xinhua

Editor: Xie Fang