China, India to become growth engine for Volvo's expansions in Asia

Shanghai, April 15 (Gasgoo.com) China and India are expected to become the main driving forces for Volvo's business expansion in Asia, its vice president and Chief Financial Officer Par Ostberg said at the Boao Forum for Asia Annual Conference 2008 on Sunday.

Ostberg told Xinhua News Agency that Volvo has always been trying to explore the potentials of the growing Chinese market and has invested heavily in the country in recent years. 

Ostberg added that he was satisfied with Volvo's performance in China, hoping more breakthroughs could be made in truck sales despite the fierce competition. China is a market of vital importance to Volvo, the world's leading motor and construction machinery producer, he said.

The Swedish company currently controls a 70% stake in Shandong Lingong Construction Machinery Co. Ltd. and holds joint ventures in both Shanghai and Xi'an.

It recently acquired a 96 percent stake of Nissan Diesel, which had formed a joint venture with China's renowned motor producer Dongfeng.

The company's China sales revenue hit $1.5 billion last year, according to the Xinhua report.