The Geely Corporation may have just completed the acquisition of Volvo from Ford, but the company is already looking to make changes to the luxury car manufacturer so that it can better compete against rivals like BMW, Mercedes-Benz and Audi.
According to the Financial Times, Volvo is looking to introduce a full-size sedan to better diversify its fleet and have an answer to the larger cars made available by its German rivals. Geely hopes double its annual sales to over 600,000 vehicles within the next five years.
The automaker is targeting its home turf of China as the biggest contributor to its future growth, and chairman Li Shufu says that market research shows that larger cars are particularly profitable in China.
"In the Chinese market, people want luxury cars… luxury they see through their eyes and touch with their hands," he told the news source. "At the moment we are competing with BMW, Audi and Mercedes, but we don't have a product to compete with the BMW 7-Series and Mercedes S-class. We need to fill that gap."
Ford never introduced a full-size sedan when it owned Volvo, largely because it did not want to compete with its own Jaguar brand, which was also recently sold to Tata Motors in 2008.