The automotive multi billionaire corporation Volvo Cars has announced production of its one of the most successful cars XC60 in China. Volvo Cars is a Swedish automobile manufacturing company currently owned by Zhejiang Geely Holding Group of China and is headquartered in VAK building in Gothenburg. The company reported revenue of 960 million kronor, which is equal $149.7 million.
The Company introduced its XC60 hybrid car model back in 2008 and the model has been upgraded and revised many times. The XC60 is a luxury cross over vehicle offered with either front or all wheel drive. XC60 combines the modern design, striking looks, responsive performance, array of features re-enforcing Volvo’s long tradition of insured safety technologies with high powered engine. The vehicle comes in sports utility designs as well. It successfully replaced the V70 wagons, which left the market at the end of 2010.
In the beginning it combined a 3.2 liter straight six engine with front wheel and was very fuel efficient. Its engine was rated at 240 horse power and 236 pound feet of torque. It’s a low riding vehicle with secure tight corners that gives you more car-like feeling as compared to most SUV’s and crossovers. It also comes in XC60 turbo charged 3.0 liter good for 200 horsepower and 325 pound torque in sports version.
The XC60 has also scored top in independent car crash testing making it one of the most safest cars ever. It also has object avoidance system, adaptive cruise control, lane departure warning, drive alert control, distance alert and the blind spot information system (BLIS). Volvo has brought modified re-aligned features from T6 and R design models as well.
Since its introduction back in 2008 XC60 has sold 500,000 cars globally. According to company’s Chief Executive Officer Hakaan samulesson XC60’s production in China will be instrumental for company’s overall growth in the market. The second model of XC60 will be produced in China’s Chengdu manufacturing plant.
The company has sold a total of 65,827 vehicles in China so far this year that took its revenue up to 36% as compared to 2013; whereas demand for the model XC60 has grown by 29%. According to Mr. Hakaan the plan is to open new factories in China, research and develop new engines and create new designs using which future models can be built. He hopes to break into the US markets soon and take advantage of the currency exchange rates and manufacturing capacity, which have been long ruled by the Japanese auto companies.
Volvo expects to produce only 35000 S60L and XC60 from its Chengdu plant, which has the capacity to produce 120,000 cars annually. The company that sells only a fraction of its rivals like Volkswagon CO, Ford motors CO, and Honda Motor CO is on the midst of an $11billion five year investment plan aiming to increase its lineup cars and sports utility vehicles. According to Mr. Hakaan the US market will be the target area of Volvos marketing and selling campaign.