Volvo is on track to sell more than 400,000 cars this year, according to the Swedish business daily Dagens Industri.

Olle Axelson, director of information at Volvo, told the newspaper that the carmaker could achieve 400,000 to 450,000 sales if things continue as in May and June with sales on the increase.

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Last year marked Volvo’s first profitable year since 2005, with global sales of 373,525 cars, up 11.2% from 2009.

Chief executive Stefan Jacoby said in March that the carmaker expected to sell significantly more cars this year compared with 2009 following the global economic downturn.

The company has been rehiring employees let go during the crisis as it expands capacity at its European factories to meet stronger global demand. Volvo’s sales record was 458,323 cars in 2007 and Jacoby has said it hopes to hit annual sales of 800,000 units before 2020.

Volvo is now owned by Chinese carmaker Geely Automobile Holdings, which acquired the Swedish brand from Ford in August last year. It hopes to be selling up to 200,000 Volvos annually in China by 2015, from a little over 30,000 units last year, and has set a goal of capturing 20% of the country’s premium auto sector.

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Consumer websites have been reporting that Volvo is close to Swedish performance company Polestar and on the verge of launching a performance division called Volvo PCP.

The UK’s What Car? has said the first PCP (Performance Concept Prototype) Volvo will be a C30 PCP with four wheel drive and 400bhp with a 0-60mph of under five seconds offered as a limited edition run of 500 cars.

Nothing has yet been confirmed by Volvo itself.