2011-01-25 15:28

Volvo Cars, owned by China's Geely Holding Group, plans to establish its China headquarters and technology center in Shanghai, Reuters reported on Tuesday.

The automaker said in a statement released ahead of a news conference that it aimed to become one of the leading luxury brands in China by 2015.

Geely, parent of Geely Automobile Holdings, took over Ford Motor's Volvo car unit last year in China's biggest acquisition of a foreign car maker, reflecting the country's rapid rise in the auto world.