Volvo Bus, part of Swedish truckmaker Volvo, expects to double its annual manufacturing capacity by 2015, as it ramps up its presence in Asia, its chief executive told reporters on Thursday.
The company expects European and North American markets to remain weak and is depending heavily on the Asian market to drive growth.
Volvo Bus plans to increase its global manufacturing capacity to 30,000 units a year, from 15,000 units — half of which will be made in Asia.
The company, which is looking to make India a manufacturing and product development hub, plans to invest 4 billion rupees ($81.7 million) in the country in the next 5 years, CEO Hakan Karlsson told a news conference in the southern Indian city of Bangalore.
The company’s India unit expects revenue growth of 25-30 percent in 2012 from the Rs700-800 crore expected this year.