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Geely-owned Volvo Car should see 40-50% sales growth in China next year, Chinese unit president and CEO Richard Snijders said on Monday (21 November).

The company expects to sell between 48,000 and 50,000 cars in China this year, up from just over 30,000 units last year, Snijders told Reuters.

Volvo chief executive Stefan Jacoby in February unveiled a plan to invest up to US$11bn globally in new product development and facilities over a five-year period.

Volvo is waiting for Chinese government approval to build two car plants in the country, one in the city of Chengdu in the southwest and the other in Daqing in the northeast, Reuters noted.

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By GlobalData