(February 25, 2011) Volvo Cars plans to invest as much as $11 billion worldwide over the next five years to tap rising demand in markets including China.

Volvo, the Swedish automaker acquired by China's Zhejiang Geely Holding Group,  is also working to win government orders and is considering making cars in China for export, CEO Stefan Jacoby said Friday in an interview in Beijing, Bloomberg News reported.

"It is obvious that at some point manufacturers will export from China," Jacoby said. "We, as a global premium brand with European heritage, have a very good opportunity to be owned by a Chinese enterprise and to utilize our manufacturing capacities here."

The Swedish brand is counting on increasing Chinese demand to help double global sales to 800,000 vehicles in 10 years.

Half of that growth — slightly more than 400,000 cars — would come from sales in China.

Volvo sold 373,000 vehicles worldwide last year — making it among the smallest luxury brands on a volume basis.

In the United States, Volvo wants to more than double sales to 120,000 cars a year, up from 54,000 in 2010.