Asian Tech Press (Nov 15) -- A spokeswoman said Sunday that Volvo Cars is considering building a third plant in Europe to increase its production capacity to more than 1.2 million vehicles a year.

The company plans to build another European plant by 2025 to meet its production target of 1.2 million vehicles a year, German auto publication Automobilwoche reported earlier on Sunday, citing Volvo's chief financial officer Bjorn Annwall. China's Geely Holdings holds a majority stake in Volvo Cars.

A company spokeswoman told Reuters by email that the company can produce 1.2 million cars a year at its two existing plants and wants to increase its capacity above that amount, but so far has not finalized its plans.