November 25, 2013 / 1:00 PM / 6 years ago

Volvo Car Group gets $800 mln loan from China Development Bank

STOCKHOLM, Nov 25 (Reuters) - Chinese-owned carmaker Volvo Car Group said on Monday it had signed an $800 million loan agreement with China Development Bank that would help it finance the development of new cars.

The terms and amortization structure of the loan agreement, with maturity in 2021, was equal to those in a deal Volvo Car Group signed with the bank in 2012, the company said in a statement.

Volvo is banking on growth in China, the home of its parent Zhejiang Geely Holding Group Co., to reach its goal of roughly doubling sales to 800,000 cars by 2020. In the latest two months, China has been its top market. (Reporting by Sven Nordenstam; Editing by Alistair Scrutton)

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