Volvo weighs in on border tax

|By:, SA News Editor

Not a surprise, but Volvo is against an adjusted border tax on goods shipped into the U.S.

"It's very bad business for us unless we transfer all that extra money towards the list price," warns Volvo North America CEO Lex Kerssemakers.

"The customer is the loser, or we are the loser. Everybody's the loser," he adds.

Working in its favor, Volvo aims to open a $500M factory in South Carolina in 2018, a plan set before the U.S. presidential election.

Volvo is owned by Geely Automobile Holdings (OTCPK:GELYF, OTCPK:GELYY).