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 |  May 09 2011, 12:05 PM

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]