Chinese car maker Geely Automobile Holdings Ltd. (0175.HK) said Wednesday it expects to double its export car sales in 2011 amid a gradual global economic recovery.The company’s 2011 export car sales will likely reach 40,000 to 50,000 units, up from the 20,555 units sold in 2010, Chief Executive Gui Sheng Yue told reporters after a shareholders’ meeting.
Gui said the unit of Zhejiang Geely Holding Group Co., which in August completed a US$1.8 billion acquisition of Volvo Cars from Ford Motor Co., is planning to expand its products in developed markets such as the U.S., but didn’t elaborate.
He added the car maker hopes to announce details of cooperation with Volvo Cars, particularly in technical areas, in two to three months. He declined to elaborate.
Government stimulus measures designed to encourage auto purchases during the global economic downturn helped China overtake the U.S. as the world’s biggest auto market in 2009. Although auto-sales growth in China remained fast at the start of 2010, the pace has moderated since the second half as sales incentives have been withdrawn.
China’s overall auto sales rose 32.4% to 18.06 million units in 2010, but the increase in sales will likely slow to 10%-15% this year, the semi-official China Association of Automobile Manufacturers said in January.
Export car sales accounted for around 5% of Geely’s total sales last year.