At the reveal of the Volvo You Concept at the 2011 Frankfurt Motor Show, Volvo’s CEO, Stefan Jacoby, said that the company may build a plant in North America.
“One weakness of Volvo cars is the exposure to the U.S. dollar, so we are investigating increasing our sourcing in North America” to balance currency movements, Jacoby said. “The utmost solution would be to have a North American industrial footprint. We haven’t made up our mind.”
Jacoby said that currently, Volvo builds cars in Sweden, Belgium and is building a factory in China. It is also deciding whether or not to build a second plant in China.
Volvo, which is now owned by Zhejiang Geely, aims to double annual sales to 800,000 by 2020. The company plans to invest $11 billion over the next five years to meet demand in markets including China.
– By: Omar Rana
Source: Automotive News