Basketball's new star Jeremy Lin has signed his first global endorsement deal with Volvo cars.

Jeremy Lin speaks at a press conference held in New York on Monday by Volvo announcing a two-year endorsement deal. [Photo/volvocars.com]

"Obviously it is very exciting for me to be part of the Volvo cars brand company and to be an ambassador for them today," he said at a press conference held by Volvo on Monday at 5:00 pm EST time.

The New York Knicks guard, who will act as Volvo Cars Brand Ambassador during the next two years, says he decided to partner with the company due to two reasons: foundation and affordance.

"First it is fundamentals. I think the foundation that the company is built upon, what they stand for is very in line with what I believe in, how I grew up as a person," he says. "And at the same time it is a very affordable price. I thought that is one of the big things for me growing up I've never had the super luxurious cars or watches or whatever it may be. For me to be able to find a car company that has high quality but is also affordable and relatable is very important to me."

Volvo Cars Corp, a vehicle manufacturer that is owned by China's Zhejiang Geely Holding Group Co, says the deal as a "significant moment" in the company's history.

"We announce that Mr Jeremy Lin, the rising NBA star, a world recognized athlete will become Volvo car's co's brand ambassador. With a focus on China, the US, the Chinese-language market in Asia, this is a significant moment," says Freeman Shen, the company's Senior Vice President and Chairman of Volvo Cars China Operations.

He hailed the meteoric rise of Jeremy Lin in the basketball world, and attributes the partnership to his common ground with the company.

"Jeremy Lin embodies a lot of shared value of Volvo Car Co. He's smart and nimble, driven and focused, progressive and strong in every sense. That's why the Linsanity immediately drew our attention."

"He has become an icon for sports fans around the world."

In 2011, the Swedish company's car sales in China, its second home market, increased by 55 percent to reach nearly 48,000 vehicles.