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Investing.com -- Volvo (OTC:VLVLY) Cars announced Wednesday it will begin manufacturing its XC60 mid-size SUV at its South Carolina plant in the United States starting in late 2026.
The decision comes as the Swedish automaker faces exposure to auto tariffs imposed by U.S. President Donald Trump, since it currently imports most of its hybrid and electric models from Europe.
The XC60 has seen strong demand in the American market, with sales increasing by almost 23% during the first six months of 2025, making it the most popular model among U.S. customers, according to the Gothenburg-based company.
Volvo Cars, owned by China’s Geely Holding, revealed earlier this week it was taking an impairment charge of 11.4 billion crowns ($1.17 billion) in the second quarter related to its ES90 and EX90 models due to tariffs and launch delays.
The U.S. market represented 16% of Volvo’s total sales last year, with most vehicles for this market currently being imported from Europe. At present, the company only produces its high-end SUV EX90 at the Charleston, South Carolina factory.
CEO Hakan Samuelsson had previously indicated that adding a popular hybrid model to the plant was necessary. In April, he stated that the carmaker would increase its U.S. production while also strengthening its regionalization efforts.
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