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Geely's Volvo Cars to start assembly operations in India this year

Reuters  |  STOCKHOLM 

STOCKHOLM (Reuters) - Geely-owned automaker Cars said on Thursday it would start vehicle in this year aiming to grab a bigger share of the country's fast-growing premium car segment.

Bought by China's Zhejiang Geely Holding Group from Ford Motor Co. in 2010, has invested in new models and plants to secure a niche in the premium auto market dominated by Daimler's Mercedes-Benz and BMW.

Cars said it will be working together with Group in India, using the truck maker's infrastructure and production licences, but disclosed no financial details.

"Starting vehicle in is an important step for Cars as we aim to grow our sales in this fast-growing market and double our market share in the premium segment in coming years," Cars Chief Executive Hakan Samuelsson said in a statement.

The company's main car production plants are currently located in Sweden, Belgium and China.

Cars has a premium segment share of roughly 5 percent, and aims to double it by 2020. Volvo's sales in rose 24 percent in 2016 to over 1,400 cars.

The automaker reported a rise in first-quarter operating profit last month, as strong demand for its XC60 and 90 series cars gave it a boost, and it stuck to a forecast of higher sales this year.

(Reporting by Helena Soderpalm; editing by Simon Johnson and Jason Neely)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Geely's Volvo Cars to start assembly operations in India this year

STOCKHOLM (Reuters) - Geely-owned automaker Volvo Cars said on Thursday it would start vehicle assembly operations in India this year aiming to grab a bigger share of the country's fast-growing premium car segment.

STOCKHOLM (Reuters) - Geely-owned automaker Cars said on Thursday it would start vehicle in this year aiming to grab a bigger share of the country's fast-growing premium car segment.

Bought by China's Zhejiang Geely Holding Group from Ford Motor Co. in 2010, has invested in new models and plants to secure a niche in the premium auto market dominated by Daimler's Mercedes-Benz and BMW.

Cars said it will be working together with Group in India, using the truck maker's infrastructure and production licences, but disclosed no financial details.

"Starting vehicle in is an important step for Cars as we aim to grow our sales in this fast-growing market and double our market share in the premium segment in coming years," Cars Chief Executive Hakan Samuelsson said in a statement.

The company's main car production plants are currently located in Sweden, Belgium and China.

Cars has a premium segment share of roughly 5 percent, and aims to double it by 2020. Volvo's sales in rose 24 percent in 2016 to over 1,400 cars.

The automaker reported a rise in first-quarter operating profit last month, as strong demand for its XC60 and 90 series cars gave it a boost, and it stuck to a forecast of higher sales this year.

(Reporting by Helena Soderpalm; editing by Simon Johnson and Jason Neely)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Business Standard
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Geely's Volvo Cars to start assembly operations in India this year

STOCKHOLM (Reuters) - Geely-owned automaker Cars said on Thursday it would start vehicle in this year aiming to grab a bigger share of the country's fast-growing premium car segment.

Bought by China's Zhejiang Geely Holding Group from Ford Motor Co. in 2010, has invested in new models and plants to secure a niche in the premium auto market dominated by Daimler's Mercedes-Benz and BMW.

Cars said it will be working together with Group in India, using the truck maker's infrastructure and production licences, but disclosed no financial details.

"Starting vehicle in is an important step for Cars as we aim to grow our sales in this fast-growing market and double our market share in the premium segment in coming years," Cars Chief Executive Hakan Samuelsson said in a statement.

The company's main car production plants are currently located in Sweden, Belgium and China.

Cars has a premium segment share of roughly 5 percent, and aims to double it by 2020. Volvo's sales in rose 24 percent in 2016 to over 1,400 cars.

The automaker reported a rise in first-quarter operating profit last month, as strong demand for its XC60 and 90 series cars gave it a boost, and it stuck to a forecast of higher sales this year.

(Reporting by Helena Soderpalm; editing by Simon Johnson and Jason Neely)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22