Volvo Cars to build U.S. plant to spearhead sales recovery

Volvo Cars will invest $500 million in its first U.S. assembly plant under plans announced on Monday, plugging a longstanding gap in the Swedish carmaker's manufacturing base as it pursues a global comeback under Chinese ownership. Volvo is in advanced talks with several U.S. states and will announce a location within weeks, Chief Executive Hakan Samuelsson said in embargoed comments made before the announcement. Following its sale to Zhejiang Geely [GEELY.UL] by Ford (F.N) in 2010, Volvo has stepped up investment in new models and production, adding a pair of Chinese factories to its two older European plants. North American manufacturing is "the last piece in establishing our global footprint", Samuelsson told Reuters.

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