Asia sales offset European losses for Volvo

Europe's top car executives have descended on Geneva for the annual motor show - where a host of new cars will be unveiled.

Once again, manufacturers are working against a backdrop of austerity which means finding European buyers for the new models will not be easy.

One of the big names on show is Swedish car giant Volvo.

It is unveiling its new V40 model which the company hopes will become a direct competitor to BMW and Audi's premium class hatchbacks.

Stefan Jacoby, chief executive of Volvo says "we see the decline in European market but can offset this with sales in China".