STOCKHOLM, June 3 (Reuters) - Volvo Car Group’s vehicle sales rose 13.4 percent year-on-year in May as turnover in China, home to its owner Zhejiang Geely Holding Group Co. , soared to a new record.
Gothenburg-based Volvo said in a statement that it sold 40,449 cars in the month boosted by growth of 60.9 percent in China and 33.5 percent in Sweden to more than offset a 20.6 percent decline in the United States.
“For the first five months of the year, Volvo Cars’ sales have grown 35.2 percent in China, in line with the company’s target of selling at least 80,000 cars in the market this year,” the company said.
Volvo is banking on strong growth in China to reach its target of annual sales of 800,000 cars by 2020, nearly double the amount it sold in 2013. (Reporting by Niklas Pollard; editing by Alistair Scrutton)