Swedish automaker Volvo, owned by Chinese company Geely, announced Wednesday it is expanding its production in China, where it will move the assembly of its S90 luxury sedan.

In the future, the S90 will be produced exclusively at the Daqing plant in the northern Heilongjiang province and its production will be stopped in Europe, Volvo said in a statement.

The company also said that its future 40 series of compact cars will be manufactured in a new plant, presently under construction, in Luqiao in the eastern Zhejiang province.

The plant, owned by Geely but operated by Volvo, will also produce cars of the Lynk & Co car brand, launched by Geely in October.

The mid-sized S60 will be assembled in the Chendu plant in the southwestern Sichuan province.

"With three plants - and the designation of one car line for each plant - Volvo creates an efficient production structure ensuring future capacity for growth," Volvo CEO Hakan Samuelsson said in the statement.

The company will retain its European plants in Gothenburg, in Sweden, and Ghent, in Belgium, and build a new plant in South Carolina in the United States, whose production will be aimed at the North American market.

Geely, which bought Volvo Cars from the American carmaker Ford in 2010, has a 51 percent stake in the Swedish company that last week announced a net profit of $575 million in the first nine months of the year, three times more than that of the same period in 2015.