Volvo, Made in China from mid 2013
Owned since 2010 by Chinese based Zhejiang Geely Holding Group Co., Volvo won the approval of China’s main industry planner to start production of vehicles in the country. The authorization paves the way for Li’s Geely to offer Volvo cars at cheaper prices because vehicles produced in China aren’t subject to the nation’s 25 percent import duty. The government requires overseas automakers to work with Chinese companies in making cars.
Volvo’s sales in China rose 31 percent to 8,719 units in the first two months of the year, surpassing Sweden to become the carmaker’s second-largest market, behind only the U.S.
Volvo currently sells seven models in China, ranging from RMB 249,900 ($40,200) for the C30 to 661,000 yuan for the C70 sedan, according to its website. The automaker has said it is targeting to open its first Chinese manufacturing plant in Chengdu, capital of southwestern Sichuan province.
adapted from Bloomberg