Volvo to Invest $11 Billion in Next Five Years |
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| Topics: Volvo
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VOA Breaking News
Voice of America
February 25, 2011 at 5:30 am
Volvo Cars said Friday it will invest up to $11 billion worldwide over the next five years in a bid to become a global luxury brand.
Chief executive Stefan Jacoby told the Wall Street Journal that Volvo, which was bought from Ford by Chinese group Geely last August, plans to build a new assembly plant in the southwestern city of Chengdu as it expands its China operations.
Jacoby said Volvo's target for China was 200,000 units by 2020, a sharp increase over the more than 30,000 cars the company sold last year.