Volvo is aiming to sell over a million vehicles in a single year sometime within the decade, according to a report by Reuters.

The automaker confirmed its ninth straight month of growth recently, and is looking to increase annual sales to 800,000 vehicles by 2020, which would double its total from last year.

"The long-term target beyond 2020 is above a million cars," Chairman Li Shufu said in an interview with Swedish business daily Dagens Industri, according to Reuters.

The increase in sales can be attributed to strong overall demand in China, and a recovery in the U.S.

The company confirmed it sold 47,850 cars globally in March, an increase of 17.9 percent when compared to the same time in 2013.

That puts sales figures for the first quarter at approximately 108,170 cars, a 9.5 percent compared with the same time period last year, according to Reuters.

A U.S. recovery has also increase Volvo sales, and there was a strong growth in several European markets, like Britain, Germany, Italy, and France.

China has also become a key location for Volvo, as it attempts to take on bigger luxury automakers likes Mercedes, Audi, and BMW.

Volvo's sales in China increased by nearly 50 percent last year, and it expects new models and an expansion of its dealer network in the world's biggest car market to help sales increase even more this year, according to Reuters.

Sales for new vehicle in the United States dropped 10 percent in 2013 however.

China Zhejiang Geely Holding Group purchased Volvo from Ford Motors in 2010.

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