Volvo to gun for top-tier luxury brand status after all

Word has it that Volvo is once again aiming for top-tier status. Automotive News China is reporting that the Swedish automaker has outlined a slew of new goals that include hitting annual sales of around 800,000 units, becoming the best employer worldwide and doing battle with the likes of BMW, Audi and Mercedes-Benz. If that's not ambitious enough for you, the brand wants to make it all happen by 2020. The news came courtesy of Freeman Shen, Volvo senior vice president, who made the comments in a speech about the company's future.

Volvo has adopted the new global brand tag line, "Designed Around You," as a step toward its ambitious targets. As Automotive News China points out, the company has some serious ground to cover. For starters, its current line lacks a legitimate flagship to compete with the BMW 7 Series or the Mercedes-Benz S-Class. Even so, sales in China are now favoring the XC60 SUV and S80 instead of the smaller S40; a sign that the brand is already inching its way up the food chain in that country.