Emphasising its long term commitment to the US market, Volvo Cars have invested around 500 million dollars to build a new manufacturing facility in the US. The company is yet to announce the location of the facility and the size of the investment, although it has drawn up a short list of potential locations.

With this, Volvo becomes a global car manufacturer with an industrial footprint on all three key continents. It already has two factories in Europe and two in China. These developments are part of Volvo's ongoing transformation that started in 2010.

"Volvo Cars cannot claim to be a true global car maker without an industrial presence in the US. Today, we became that," said Håkan Samuelsson, Chief Executive and President.

The transformation plan also involves complete renewal of Volvo's product range over the next four years, the introduction of a new modular vehicle technology, the development of world-first safety technologies, a new design language, and a range of class-leading connectivity services.

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