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Geely Targeting Sales of 2M Vehicles Globally by 2015; Li Shufu to Become Chairman of Board of Volvo

Xinhua. China-based automaker Zhejiang Geely Holding Group Co., Ltd. says that it plans to sell 2 million vehicles globally by 2015.

Victor Young, Director of Public Relations of Zhejiang Geely Holding Group Co. Ltd., said the company has reorganized its research institutes to help the company design more than 40 car models annually before 2015. “Geely hopes to roll out more new car models faster and more efficiently,” Young told Xinhua at an auto exhibition being held in Changchun, capital of northeast China’s Jilin Province.

In the first half of 2010, Geely sales reached 195,734 units, up 42.1 percent from the same period last year. The company aims to sell 400,000 vehicles for the full year.

Li Shufu, Geely Chairman, will become Chairman of the Board at Volvo Car Corporation, pending completion of the acquisition of the company from Ford Motor Company. Geely also named Hans-Olov Olsson as Vice-Chairman at Volvo Cars. Olsson is a former President and Chief Executive of the Swedish car maker.

That announcement follows the separate disclosure by Ford Motor Company that Stephen Odell, currently CEO of Volvo Cars, will become Chairman and CEO of Ford of Europe.

Under the proposed change of ownership, Volvo Cars will remain headquartered in Gothenburg, Sweden, with management autonomy to execute on its business plan. As part of that business plan, Volvo Cars aims to strengthen its presence in Europe and North America, while exploiting new growth opportunities in China.

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