Swedish company AB Volvo has once again demonstrated its ambition to dominate the global truck market. On Thursday, Mexico’s Economy Minister, Marcelo Ebrard, announced that Volvo will increase its investment in the construction of a new truck manufacturing plant in the northern Mexican state of Nuevo León to $1 billion, a significant jump from the previously announced $700 million.

Li Shufu, a billionaire and founder of one of the largest automotive empires in the world, is currently facing a number of significant challenges in the rapidly changing automotive market. His company, Geely Automobile, part of Zhejiang Geely Holding Group Co., has been struggling to catch up with the leader in electric vehicle production, BYD Co. Simultaneously, global ambitions for Volvo Car AB, which Geely acquired, are being hampered by trade conflicts, further impacting the company's profitability.

Volvo AB $VOLV-B.ST, a renowned leader in the automotive industry, is taking decisive steps towards integrating autonomous technology into its trucks. Through collaboration with Canadian startup Waabi Innovation Inc., Volvo aims to harness advanced artificial intelligence solutions to create safer and more efficient vehicles.