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Chinese automaker Zhejiang Geely Holding Group spent $1.7 billion last year to acquire Volvo from Ford Motor Co.,and now plans to spend as much as $11 billion on Volvo products and facilities over the next five years.
Doug Speck, CEO of Volvo Cars of North America, says a growth strategy for the United States will be completed by the end of next month. He explains that the plan will call for new vehicles and possibly an American plant.
Speck expects 60,000 to 70,000 cars. He explains there is some uncertainty related to what the effect of the Japanese disaster will be in terms of production. Speck also explained that 2011 sales will be predominantly driven by the S60. Speck said, “We could easily see ourselves selling 15,000 to 20,000 S60s this year — a huge increment year-on-year from that car line”.
[Source: Automotive News]
Volvo will bring diesel engines as well as diesel-hybrids to North America in the future says the company’s North American CEO. Doug Speck made the comments to Automotive News, as the automaker is faced with the same lofty corporate fuel economy standards as the rest of the industry, which will see automakers average 35.5 mpg by 2016.
Volvo has already announced a plug-in hybrid vehicle will arrive in Europe in 2012 (shown in prototype form above) and while this car is expected to make its way to North America shortly thereafter, no time frame has been given.
We’re more likely to see diesel-powered models (which are big sellers for Volvo in Europe) much sooner as the technology is already here – and has been for some time. It continues to improve, however, and at the Frankfurt Auto Show in September, Volvo had on display its C30 1.6D DRIVe model, which gets an incredible 74.3 mpg.
[Source: Automotive News via LeftLaneNews]