Volvo CE to boost investment in China
Volvo Construction Equipment (Volvo CE) said Thursday it would double its investment in a Chinese joint venture to almost US$96 million over the next three to four years, China Auto News reported. The capital boost will help Shandong Lingong Construction Machinery, which sold 70% of its stake to Volvo CE earlier this year, double its production capacity of wheel loaders and road machines by 2010. Lingong currently employs 1,800 people and boasts an annual capacity of 15,000 pieces of equipment. In 2003, Volvo CE spent US$24 million establishing a wholly owned subsidiary in Shanghai’s Jinqiao area.