Volvo aims to spend $11b on expansion

BEIJING - Volvo Car Corp, the Swedish automaker acquired by Zhejiang Geely Holding Group Co, plans to invest as much as $11 billion worldwide over the next five years to tap rising demand in markets including China.

The company is also working to win government orders and is considering manufacturing cars in China for export, Chief Executive Officer Stefan Jacoby said on Friday in an interview in Beijing.

"It is obvious that at some point manufacturers will export from China," Jacoby said. "We, as a global premium brand with a European heritage, have a very good opportunity because we are owned by a Chinese enterprise and we plan to utilize our manufacturing capacities here."