China Knowledge reported that Sweden based automaker Volvo Car Corp owned by Zhejiang Geely Holding Group Co, China largest privately owned automaker has sold 33,000 vehicles in China so far this year reflecting jump of 111% YoY.

Mr Stefan Jacoby CEO of Volvo said the company global sales has surged 23% from a year earlier which could bring its global sales to around 430,000 units in 2011.

He said that the Swedish automaker fiscal results for the third quarter of this year which will be released on October 20 might be dragged down by a large investment on a new plant in Chengdu capital of Sichuan Province.

A person familiar with the matter said besides the plant in Chengdu, Volvo is also building a new plant in Daqing, Heilongjiang Province which is expected to bring the firm global vehicle sales to 800,000 units in 2020.

(Sourced from China Knowledge)