Volvo to invest $10-$11 billion worldwide over next 5 years

Stefan Jacoby, President and Chief Executive of Volvo Cars
Stefan Jacoby, President and Chief Executive of Volvo Cars

Swedish automaker Volvo said today that it plans on investing $10 to $11 billion worldwide over the next 5 years. The move is part of an ambitious expansion¬†following its acquisition by Chinese automaker Geely. Volvo’s CEO Stefan Jacoby made the announcement during a presentation where Volvo laid out plans to target fast-growing China for stronger sale figures.

“We plan to invest $10-$11 billion over the next five years globally,” Jacoby said. He went onto say that will pay to develop a new¬†vehicle platform and powertrain to expand its presence in the country.

As a part of the plan Volvo plans on opening production facility in southwestern China. The company is also looking at a possible second site in the northeast.

Volvo was acquired by Geely in August from FoMoCo for $1.5 billion.

– By: Stephen Calogera

Source: Detroit News