The Swedish automaker Volvo‘s $1.1 billion investment plan in the U.S. could be jeopardized amid rising tensions in global trade, the CEO of Volvo Cars told CNBC Thursday, calling for a “de-escalation phase” in the rhetoric over tariffs.
Volvo opened its first U.S. factory last month, located just outside Charleston in South Carolina. The factory is expected to start producing vechicles for exportation in the fall.
However, when asked if this production plan could be derailed due to ongoing trade tensions and fresh tariffs coming from the United States, the company’s chief said “absolutely.”
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