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Volvo is planning increase its presence in China, by building new production sites in Chengdu, Sichuan and Daqing, Heilongjiang, which is expected to increase the number of Chinese built Volvo models.

Volvo CEO Stefan Jacoby said that in the future the ratio of Chinese made auto parts in the company's vehicles will be 90% and that it still aims at obtaining 20% of the market share in the luxury segment.

The automaker is also planning to increase its sales with the new compact V40 powered by a turbocharged engine mated to a six-speed transmission and all wheel drive system, and also featuring pedestrian airbag and traffic signal recognition technologies.

The V40 is expected to make its debut at next month's Beijing International Automotive Exhibition and may be sold in China in 2013.

The company also noted two other models made for China: the XC60 Plug-In Hybrid and the C30 pure electric car.

Last week, the carmaker had signed a technology transfer agreement with Geely Automobile, which will help spread the scope of Volvo technology.
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