â€œIn the medium term, five to six years, we need to find a proper solution in North America,â€ Volvo Chief Executive Officer Stefan Jacoby said in an interview today. â€œBuilding a plant ourselves is maybe more unlikely. Iâ€™m looking for a partner that could help us utilize a North American plant.â€
Cooperation would ideally be with any carmaker that Volvo agrees to work with on sharing development costs on smaller cars, Jacoby said in the interview at an Automotive News conference in Monaco. The Gothenburg, Sweden-based carmaker is talking to a â€œcoupleâ€ manufacturers, the German executive said, declining to name the potential partners.
Volvo, which Zhejiang Geely bought from Ford Motor Co. (F) (F) in August 2010 for $1.8 billion, has a target of almost doubling sales to 800,000 cars and sport-utility vehicles by 2020 from 449,255 deliveries in 2011. It plans to invest about $11 billion over the next several years, including construction of two car factories and an engine plant in China.
Volvo is â€œopen to everybodyâ€ as a partner, including Fiat SpA (F), Jacoby said. The Turin, Italy-based carmaker is already active in the U.S. through the takeover of Chrysler Group LLC thatâ€™s part of Fiat Chief Executive Officer Sergio Marchionneâ€™s growth strategy.