Volvo to continue with plan for Mexico truck factory


Volvo chief executive Martin Lundstedt. — Reuters

LAS VEGAS: Sweden’s Volvo Group is proceeding with its planned US$700mil heavy-truck factory in Monterrey, Mexico, chief executive Martin Lundstedt says, even as President-elect Donald Trump threatens to impose US tariffs on imports of vehicles and other goods.

The maker of Volvo and Mack semi trucks has targeted growth in North America, which accounts for about 30% of company revenue, as a strategic priority and expects the plant to start operations in 2026.

It expects the factory to deliver vehicles to the United States, Mexico and Canada, as well as to Latin America.

Trump has said that immediately after his Jan 20 inauguration, he will sign all necessary documents to begin charging a 25% tariff on imports from Mexico and Canada unless those countries clamp down on illegal immigration and fentanyl trafficking. — Reuters

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Business News

Shell Malaysia to prioritise fuel supply continuity across retail network
Axteria to acquire 80% stake in Niaga Sari for RM35mil
Government to explore privatisation of two highway projects
Puncak Niaga’s Rozali to step down as executive chairman
ARKA to dispose 40% interest in Enfrasys Solutions for RM43mil
Ringgit closed mostly higher against major currencies, slightly lower versus US dollar
Hong Seng to recoup RM63.6mil debt with 184 Kajang apartments
Teraju introduces new fund to accelerate scaling of Bumiputera companies in Sabah
Crescendo disposes of Johor land for RM347mil
MCE to acquire 50% stake in FP Project for RM1.9mil

Others Also Read