The Quotes are Powered By Forexpros, the Forex, Futures, and Stock Markets Portal.

Volvo Cars Corp. to invest big in Sweden to boost engines and vehicle production

Monday, 03 December 2012
Volvo Cars Corporation has promises to invest $11 billion, equivalent to Skr73 billion in new engines and platforms for new cars by 2015. Nearly half of the investments are to happen in Sweden.

As Volvo Car Corp., has been cutting back sharply on the number of temporary employees and consultants because of reduced sales, the company is going through a period of investment.

New CEO, Håkan Samuelsson, who took over the post after Stefan Jacoby in October, today talked of more investments for its business in Sweden. These include the development of new engines and new platform for new cars. At the press conference was also Social Democratic party leader Stefan Löfven who was visiting Volvo Car production centre in Gothenburg today.

Volvo Car Corporation reported today that it intends to invest $11 billion, which is about Skr73 billion during the period 2011 to 2015. Approximately, half of the investments will take place here in Sweden and, according to the company; the investments are to affect "a new vehicle architecture and engine family."

Skr35 billion is to be invested in Sweden in that period. "This is one of the largest industrial investments made in the history of Sweden," says Volvo's new CEO Håkan Samuelsson at a press conference.
Some commentators have compared the investment to the level of the Öresund Bridge development connecting Denmark and Sweden, which was completed in the 2000.

"If anybody thought that Volvo had the intention to move to China, I think we, with these signals, put those ideas to rest," said Chief Executive Hakan Samuelsson.

"The European economy is in crisis. Vehicles Sales are shrinking, we must focus on securing our market share, "said Samuelsson during the press conference, held in Volvo's safety center, where crash tests are carried out. Volvo said its next generation XC90 will be the first car model to roll out from the new platform at the end of 2014.
By Scancomark.com Team

We welcome your contribution. Did you find anything wrong with this article? Do you want to contribute to our news network? Do have a news tip or assist us with a correction