Volvo Cars to Challenge BMW, Daimler With V60 Wagon in Europe

Volvo Cars, the Swedish automaker owned by Zhejiang Geely Holding Group Co., plans to challenge Bayerische Motoren Werke AG and Daimler AG with its new V60 station wagon in Europe.

Volvo forecasts annual sales of 50,000 of the V60, a sportier vehicle which goes on sale later this year, Tomas Ahlborg, the model’s project chief, said in an interview today from Verona, Italy, where the carmaker is holding test drives.

The V60 and recently introduced S60 sedan are key to Volvo’s efforts to boost sales in its European market and reach profitability under Geely, which four weeks ago bought the carmaker from Ford Motor Co. Volvo is targeting sales of 400,000 cars worldwide this year, up from 334,800 in 2009.

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