Volvo to Form Financing Unit in China
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The unit will commence operations in September, according to Bloomberg.
ruckmaker Volvo AB will form a financing unit in China in an effort to help boost sales in the country, Bloomberg reported Monday.
The new unit will offer loans to those seeking to purchase Volvo and Renault trucks, as well as Volvo busses and construction equipment, Bloomberg said.
Truck sales in China rose 8% in the first half of 2006 to more than 98,000 vehicles, Bloomberg said, quoting a figure from the China Association of Automobile Manufacturers.
Previously, Volvo announced it would expand operations in Asia as part of the company’s goal to reach its 10% growth target. (Click here for previous coverage.)
