Volvo Car, owned by Zhejiang Geely Holding Group, looks for a partner to build vehicles in North America.
“In the medium term, five to six years, we need to find a proper solution in North America,” Volvo Chief Executive Officer Stefan Jacoby said. “Building a plant ourselves is maybe more unlikely. I’m looking for a partner that could help us utilize a North American plant.”
Volvo seeks for anyone who wants to share development costs on smaller cars. Jacoby declared that the company is already in talks with a ‘couple’ manufacturers, potential partners, but refused to give any names. Volvo is opened to any proposals, including those coming from Fiat SpA. The Italy based automaker is already active on the auto market in the US, after it took over Chrysler Group, part of Fiat Chief Executive Officer Sergio Marchionne’s growth strategy.
In August 2008 Volvo was bought by Zhejiang Geely from Ford Motor for $1.8 billion. Currently the company has set a sales target of 800,000 cars by 2020, from 449,255 units in 2011. It also plans to make investments of over $11 billion in the following years, and build two car facilities and an engine plant in China.