One of Volvo's most important models is in the running for the North American Car and Truck of the Year award at the prestigious North American International Auto Show in Detroit, capping off an important 2015 for the Chinese-owned company.

Volvo's XC90, a premium sport utility vehicle (SUV) will be competing for the 2016 Truck of the Year against the Honda Pilot (SUV) and Nissan Titan XD (truck). The Detroit Free Press has already named the Volvo XC90 its truck of the year.

Finalists for the Car of the Year are the Chevrolet Malibu, Honda Civic and Mazda MX-5 Miata.

"Globally, the (XC90) is forecast to account for 11 percent of the brand's sales in 2017," said Stephanie Brinley, automotive analyst at consulting concern IHS. "The XC90 is also the first new vehicle on the all-new Volvo platform. It has become the demonstration for Volvo's latest production technology, which is impressive and important for re-establishing the brand as a global luxury player."

Winners will be announced on Jan 11 when the Detroit show opens. Now in its 23rd year, the awards recognize the most outstanding new vehicles of the year as judged by more than 50 automotive journalists from the US and Canada. There were 49 eligible vehicles.

The XC90 represents the first vehicle Volvo has developed since Chinese automaker Geely purchased the company for $1.8 billion in 2010 from Ford Motor Co. In 2015, Volvo also announced that it would build its first American factory in South Carolina. Volvo also began selling the China-made Volvo S60 Inscription sedan at dealerships in the US, marking the formal debut of made-in-China luxury cars in overseas markets.

"It is hard to predict whether [the S60] will be a success," said David Zoia of Wards Auto. "Competition is tough in this segment, and Volvo has fallen off many buyers' shopping lists. However, most reviews appear positive, so as long as expectations are modest, the S60 Inscription could end up drawing more customers back to Volvo showrooms and ultimately be chalked up as a success."

Zoia said that the XC90 represents a key model for Volvo. "It sets the tone for Volvo in terms of image, and success with this model will help as the automaker launches other vehicles. We recently named the vehicle's 2.0L Turbo/Supercharged 4-cylinder as one of the Wards 10 Best Engines for 2016," he added.

In another first for the Chinese auto industry in 2015, General Motors said it would import its midsize sport-utility Buick Envision model from China, becoming the first US automaker to sell Chinese-made cars in the US.

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