STOCKHOLM, March 29 (Reuters) - Volvo Cars, owned by China's Geely, said on Tuesday it planned to hire 1,200 new employees in Sweden and Belgium as it invests to meet new global demand.
Volvo Chief Executive Stefan Jacoby said the carmaker expected to sell 'significantly more cars in 2011' compared with the previous year and that it had seen good demand in the past month in the United States, Europe and also China.
Demand in Japan also remained surprisingly strong, he said.
'We are investing in our future. There is no free ticket for a bright future,' Jacoby said, adding that the firm was also investing in capacity at its plants.
The carmaker has said it plans to invest up to $11 billion in new product development and facilities over the next 5 years.
Geely, parent of Geely Automobile Holdings, took over Ford Motor's Volvo car unit in August 2010, in China's largest acquisition of a foreign car maker. Keywords: VOLVOCARS/ (Stockholm Newsroom, tel: +46-8-700 1017, e-mail: stockholm.newsroom@reuters.com) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Volvo Chief Executive Stefan Jacoby said the carmaker expected to sell 'significantly more cars in 2011' compared with the previous year and that it had seen good demand in the past month in the United States, Europe and also China.
Demand in Japan also remained surprisingly strong, he said.
'We are investing in our future. There is no free ticket for a bright future,' Jacoby said, adding that the firm was also investing in capacity at its plants.
The carmaker has said it plans to invest up to $11 billion in new product development and facilities over the next 5 years.
Geely, parent of Geely Automobile Holdings, took over Ford Motor's Volvo car unit in August 2010, in China's largest acquisition of a foreign car maker. Keywords: VOLVOCARS/ (Stockholm Newsroom, tel: +46-8-700 1017, e-mail: stockholm.newsroom@reuters.com) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.