Volvo Cars to open first Chinese factory
Volvo Cars opened up the doors of its first Chinese factory to media on Wednesday, a sign that the struggling car company is serious about competing in the ever important Asian car market.
The factory, also the first outside of Europe, will employ 1,100 people when it opens at the end of 2013. At full capacity, the factory is expected to produce 120,000 cars a year.
Volvo is opening another factory in China in 2014. The car company's CEO in China, Lars Danielsson, says in six to seven years the company will have between 6,000 and 7,000 people working in the country.
Volvo today has around 7,000 employees in Sweden. The employees in the Chinese factories will make about one-fifth of what Swedish workers make.