Shanghai, May 23 (Gasgoo.com) Volvo is aiming to further tap into Chinese heavy truck market by launching a new low-priced truck within 4 years, a local Sweden newspaper reported on Tuesday.
Teknik newspaper reported that Volvo hopes to compete with Chinese manufacturers by halving the price for its truck lines, which are now sold between 700,000 and 800,000 kronor ($118,000 and $135,000) in China. Currently heavy trucks built by local Chinese truck makers only cost around 250,000 kronor.
"We are taking what's essential from the West, but will make it in an Asian way," said Joachim Rosenberg, head of the Volvo's truck operations in Asia, to Ny Teknik.
Currently, Volvo has 0.3 percent of the enormous Chinese heavy truck market while Chinese automakers hold around 98 percent market share. Volvo aims to expand its share to 10 to 20 percent through this low-cost truck project.