BUSINESS Volvo construction unit expects 50% sales growth this year

BUSINESS

Volvo construction unit expects 50% sales growth this year

China Daily

08:30, November 03, 2020

People visit heavy machinery of Volvo at Bauma China, the International Trade Fair for Construction Machinery in Shanghai, China, Nov 27, 2018. (Photo: Agencies)

Sales of Volvo Construction Equipment in China, an arm of Sweden's Volvo Group, are expected to see year-on-year growth of 50 percent this year, according to Chen Lin, vice president of Volvo CE China Sales Region, on Monday.

"The company's rapid growth domestically lies in the reform and opening up of the Pudong New Area, where it's located, and support from local government," Chen said.

In April, the company's Asian headquarters moved from Singapore to Pudong New Area, making the city the company's dual headquarters in Asia and China.

"China has offered a good business environment and governmental support for the company in the past two decades, which accelerates the development of our manufacturing base to serve both the Chinese and Asian markets," Chen said.

According to Cao Lei, deputy director of Commission of Commerce in Pudong New Area, the district has been home to about 700 corporate headquarters. Among those, 350 are headquarters of multinational companies, representing nearly half of the total number in Shanghai.

"We will further enhance the headquarters economy and its role in allocating global resources," Cao said.

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue