Chinese-owned Volvo to open first U.S. car factory

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Volvo will build its first car plant in the U.S., hoping to reverse a decline in sales in the world's second biggest auto market. The Chinese-owned car maker said Monday it would invest $500 million to build the plant. Volvo (VOLVY) sold nearly half a million cars in 100 countries last year, up 8.9% compared to 2013. That growth was driven by strong sales in China and Europe. But U.S. sales fell 8% last year to 56,000. That's less than half the volume Volvo sold in the U.S. just a decade ago.

Volvo-to-build-new-factory-in-US

Chinese-owned Volvo to open first U.S. car factory