Chinese owned Volvo will receive major production upgrade in Sweden
Volvo, currently owned by Chinese car manufacturer Geely, has announced an $11 billion investment in upgrades with about half of it spent in Sweden on production upgrades. Volvo aims to increase yearly sales to 800,000 units by 2020 from the current 400,000 vehicles per year. The investment in Sweden will be to upgrade current production and also to develop new models.
“This is testament to our determination to strengthen the firm’s position as a Swedish car brand with a unique attraction on a global market,” said Hakan Samuelsson, Volvo Car’s chief executive.
Volvo did not specify where the other half of the $11 billion will be spent, however it is excepted that a major focus will be the Chinese market, which recently became the largest auto market in the world.