(Image Source: The Auto Channel)

 

BY REGINA WANG

 

ANCHOR EMILY SPAIN


Swedish carmaker Volvo is next to ride on the waves of Linsanity.  Volvo has signed New York Knick Jeremy Lin to two-year endorsement contract.  Lin is the first NBA player who is Taiwanese-American and a Harvard grad.  Some call it a smart move.

“No details about how much the Harvard grad will be receiving in the deal, but J Lin made it clear that there will be no ‘Linsanity’ at campaigns. ‘I’m gonna make sure it doesn’t involve my nickname ‘Linsanity.’”

Volvo aims to take advantage of Lin’s popularity and Asian heritage to increase its sales in China. China is Volvo’s third largest market after the United States and Sweden, says Wall Street Journal:

“Volvo is owned by China's Zhejiang Geely Holding Group Co. The company is trying to boost Volvo sales in China as part of a strategy to double the brand's global sales to 800,000 vehicles by 2020. Geely plans to invest up to $11 billion in the effort. Volvo sold about 47,000 cars in China last year, up 54% from 2010.”

As Lin’s fame grows, his brand is in demand. At $250 a piece, his jerseys outsells those of Derrick Rose, LeBron James and Kobe Bryant. He even has an ice cream flavor named after his nickname, Linsanity, thanks to Ben & Jerry.

VO: ABC Good Morning America

NBA jerseys and ice cream seem to make sense marketing wise.  So, it’s not surprising that msnbc.com says the tie-in with Volvo might seem a bit odd initially.

“The automaker is best known for its emphasis on safety — though it has put an increasing emphasis on performance.”

But Volvo likes the odds that the Lin endorsement will work.  The carmaker said the deal with Lin was a “significant moment in the history of Volvo Car Corp.’s brand rejuvenation” reports The L.A. Times.

“For our region, Jeremy Lin is the pride of the whole Chinese population, and we are excited to work with him.”

Others agree the deal is a smart move for Volvo, Smartmoney.com notes:

"'Asia is on the rise and so are Asian celebrities,’ says Singapore-based business and brand strategist Martin Roll. He says Volvo is banking on the fact that Lin’s star is still on the rise.”

Lin, the American-born son of Taiwanese immigrant parents, said he actually has a lot in common with the Swedish carmaker:

“Lin said in a statement: ‘You may not immediately see the connection between me and Volvo. But both of us are striving to be better and smarter at what we do, and to do it our own way.’”

Volvo Rides on the Waves of Linsanity

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Mar 23, 2012

Volvo Rides on the Waves of Linsanity

(Image Source: The Auto Channel)

 

BY REGINA WANG

 

ANCHOR EMILY SPAIN


Swedish carmaker Volvo is next to ride on the waves of Linsanity.  Volvo has signed New York Knick Jeremy Lin to two-year endorsement contract.  Lin is the first NBA player who is Taiwanese-American and a Harvard grad.  Some call it a smart move.

“No details about how much the Harvard grad will be receiving in the deal, but J Lin made it clear that there will be no ‘Linsanity’ at campaigns. ‘I’m gonna make sure it doesn’t involve my nickname ‘Linsanity.’”

Volvo aims to take advantage of Lin’s popularity and Asian heritage to increase its sales in China. China is Volvo’s third largest market after the United States and Sweden, says Wall Street Journal:

“Volvo is owned by China's Zhejiang Geely Holding Group Co. The company is trying to boost Volvo sales in China as part of a strategy to double the brand's global sales to 800,000 vehicles by 2020. Geely plans to invest up to $11 billion in the effort. Volvo sold about 47,000 cars in China last year, up 54% from 2010.”

As Lin’s fame grows, his brand is in demand. At $250 a piece, his jerseys outsells those of Derrick Rose, LeBron James and Kobe Bryant. He even has an ice cream flavor named after his nickname, Linsanity, thanks to Ben & Jerry.

VO: ABC Good Morning America

NBA jerseys and ice cream seem to make sense marketing wise.  So, it’s not surprising that msnbc.com says the tie-in with Volvo might seem a bit odd initially.

“The automaker is best known for its emphasis on safety — though it has put an increasing emphasis on performance.”

But Volvo likes the odds that the Lin endorsement will work.  The carmaker said the deal with Lin was a “significant moment in the history of Volvo Car Corp.’s brand rejuvenation” reports The L.A. Times.

“For our region, Jeremy Lin is the pride of the whole Chinese population, and we are excited to work with him.”

Others agree the deal is a smart move for Volvo, Smartmoney.com notes:

"'Asia is on the rise and so are Asian celebrities,’ says Singapore-based business and brand strategist Martin Roll. He says Volvo is banking on the fact that Lin’s star is still on the rise.”

Lin, the American-born son of Taiwanese immigrant parents, said he actually has a lot in common with the Swedish carmaker:

“Lin said in a statement: ‘You may not immediately see the connection between me and Volvo. But both of us are striving to be better and smarter at what we do, and to do it our own way.’”

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