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Volvo announces first plant in North America

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Thanks to a $500 million investment, Volvo will build its first North American plant in Berkeley County, South Carolina, with a projected initial capacity of 100,000 units annually. This will become the home of Volvo's next-generation vehicles to be sold in the U.S. and exported.

It's all part of a bold expansion plan to double global sales, boost market share, and lift profitability, according to the Swedish automaker. 

“Building a plant in the U.S. is a reflection of Volvo Cars’ commitment to the U.S. and the key role the U.S. plays in our growth objectives,” said Lex Kerssemakers, senior vice president Americas, who added that Volvo has a medium-term target to sell at least 100,000 cars a year in this country.

The new plant in South Carolina will employ up to 4,000 people in the longer term. It has been estimated that for every job at a car plant, between 5 and 7 new jobs are created.

Volvo currently has manufacturing plants in Europe (two) and China (two).