00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Volvo Cars will expand production in its $1.3 billion Ridgeville, South Carolina factory,
00:07according to the Wall Street Journal. The company will ship the assembly of its popular XC60 SUV
00:12from Sweden to the U.S. to offset Trump's due 50% tariff on imports. The move is expected to
00:17double the site's 2,000-person workforce and how Volvo reach its long-delayed target of 4,000 jobs
00:23by 2030. The Ridgeville plant currently produces the $81,000 EX90 electric SUV, which has seen
00:29sluggish U.S. sales of 2,500 units this year. A fresh version coming in 2026 will feature faster
00:35charging, parallel parking assistance, and a safety alert for slippery roads. Volvo also plans to launch
00:40a new hybrid aimed at American drivers before 2030, lining with its pledge to make 90% of its U.S.
00:45fleet electrified. Analysts know Volvo's U.S. market share remains around 1%, but the company
00:50owns local production and tariff advantages will boost its competitiveness. For all things money,
00:55visit Benzinga.com.
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