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Volvo boss: 'No low-cost model'

2011-01-18 12:33

PREMIUM: Volvo has not ruled out specific models catering to specific markets, but Jacoby maintains it is a global premium brand.

Volvo Cars, owned by Chinese group Geely Automobile, is expected to see further growth in 2011, its chief executive Stefan Jacoby told an Austrian newspaper.

"Our new Modus (model) means we are being offensive instead of defensive," he told the Salzburger Nachtrichten's Monday edition, when asked about his expectations for 2011.

Last year the company made a profit for the first time since 2005. Asked whether the Sweden-based carmaker in 2011 would sell more than the 373 500 cars sold in 2010, he said: "At least one more, and if it is an emergency I will buy one myself."

Jacoby, a former North American executive of German carmaker Volkswagen, added that Volvo's Chinese owners have fostered "professional and deep" cooperation and that their involvement would strengthen the Volvo brand.

SECOND HOME MARKET

Geely's purchase of Ford's Volvo unit in 2010 marked China's biggest acquisition of a foreign car maker, reflecting the nation's rapid rise in the auto world.

Jacoby said Volvo had no plans to bring out a low-cost model specifically for the Chinese market though.

"We are a global premium seller and we design and build our products for a global customer base," he said.

"That of course does not rule out specific models for specific markets. Generally European customers want more compact cars while the Chinese and American customers want bigger models."
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