Volvo, a Swedish automaker owned by China’s Zhejiang Geely Holding Group (0175.HKG), announced Thursday that it plans to spend US$11 bilion on developing new products and increasing manufacturing in the coming few years, Reuters reported, citing an article by German magazine Wirtschaftswoche. Volvo spokesman Per-Ake Froberg emphasized that Volvo, and not Geely, will be funding the investment. Volvo CEO Stefan Jacoby told Reuters last February that a US$10-11 billion five-year investment plan would create new products and factories in China and double sales to 800,000 cars in 10 years. The company aims to acquire 20% of China’s premium auto market by 2015. Chinese deliveries are planned to increase from 47,000 in 2011 to around 200,000 by 2014. Geely president Li Shufu was quoted in the article saying Volvo would apply its funding towards a new engine factory, upgrading technology and strengthening research and development. Geely will also pool purchasing of parts and components with Volvo to develop small engines and technologies for electric vehicles.