Volvo to open first U.S. car factory

Chinese-owned car maker 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 company plans to invest $500 million to build the plant at an undisclosed location, according to CNNMoney.

"Volvo Cars cannot claim to be a true global car maker without an industrial presence in the U.S.," said Volvo CEO Hakan Samuelsson.

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