Volvo forecasts 10 percent growth in 2014

Volvo announced on Wednesday that it expects its 2014 sales to climb by 10 percent. Volvo predicts most of that growth will be driven by the Chinese market.

Volvo is already on pace to achieve that 10 percent increase, having already delivered 9.5 percent more vehicles during the first half of 2014 than it did during the same period last year. If all goes to plan, Volvo will sell more than 460,000 vehicles worldwide this year.

“After this solid first half, we look forward from a position of strength. Growing demand for first-class safety and environmental performance will continue to support our global growth,” said Volvo CEO Hakan Samuelsson.

During the first six-months of the year Volvo’s China sales jumped by 34.4 percent. Volvo predicts new models like the S60L and S80L will continue its hot streak in the world’s largest auto market.

Volvo’s European sales inched up by 8.7 percent during the first half of the year, but U.S. Sales remain soft.

“We are growing our presence in China and we expect to sell at least 80,000 cars there this year. The European market is also showing signs of recovery and growth and we are well placed to benefit further. We are committed to the US, where a new management team is implementing a revival plan to improve our performance,” said Samuelsson.