Chinese-owned Volvo Cars said Monday it will build a $500 million assembly plant in the United States — as the U.S. auto sector faces increasing pressure from Mexico.
Volvo said the investment is a sign of its "long-term commitment to the U.S. market. The company has drawn up a short list of potential locations and full details of the location of the new factory and the size of the investment will be announced at a later date."
“Volvo Cars cannot claim to be a true global carmaker without an industrial presence in the U.S. Today, we became that,” said Hakan Samuelsson, CEO and president, in a statement. “The U.S. is an absolutely crucial part of our global transformation and today’s announcement makes it perfectly clear that Volvo is in the U.S. to stay.”
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