Although Volvo is not as well known in China as fellow European brands Mercedes-Benz, BMW and Audi, the manufacturer is hoping to increase its presence in China with the help of new owner Geely. At the floor of last week's International Geneva Motor Show, Volvo executives expressed their desire to see the number of models available in China increase. With new production sites in Chengdu, Sichuan and Daqing, Heilongjiang, the manufacturer should also be able to increase the number of Chinese-built Volvos.

A report appearing today in the Beijing Morning Post quoted Volvo Cars CEO Stefan Jacoby as saying that the ratio of Chinese made auto parts in the manufacturer's vehicles will be 90 percent in the future. Furthermore, Volvo's goal to obtain a market share of 20 percent in the luxury segment has not changed.

Volvo announced the newest addition to its lineup at the Geneva Motor Show: the V40 (pictured). The new compact is powered by a turbocharged engine mated to a six-speed transmission and all wheel drive system. The V40 also boasts unprecedented 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 as early as next year.

Volvo has specifically noted two other new models destined for China: the XC60 Plug-In Hybrid and C30 pure electric car (pictured below). The C30 is currently making test runs in Shanghai Jiading district, which illustrates the importance of the Chinese market to Volvo.

Executives from Volvo have stated that the manufacturer's models will maintain their Western style while adopting Chinese characteristics. The manufacturer signed a technology transfer agreement with Geely Automobile last week, which will help spread the scope of Volvo technology.