According to the CEO of Volvo Stefan Jacoby, "By then, we will have to increase our headcount to 33,000 – 35,000 employees."
About 24,000 employees of Volvo are working worldwide -- that include 16,000 in Sweden, 5,000 in Belgium, 1,000 in China and 2,000 in its other markets.
By 2020 Volvo targets annual sales of 200,000 by 2020.
Jacoby said Volvo will open a China factory in Chengdu in 2013 with a capacity of 150,000 units and about 3,000 employees. It hopes that Chinese government will approve a second plant in China early next year.
"There is no sign of a slowdown. Our order books are filled up until spring 2012," the CEO said.
Jacoby said he expects Volvo's global sales to be between 430,000 and 440,000 units this year. Last year, Volvo sold 374,000 cars. Jacoby said Volvo is fortunate that its biggest European markets are in Scandinavia and Germany, so it is not dependent on crisis-hit countries in southern Europe where car sales are falling.