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Volvo is hoping to expand production into North America, and according to BusinessWeek, the Swedish automaker is currently on the search for a partnership here in the States. Ideally, this partnership would be with another manufacturer that Volvo would agree to share small car development costs with.

"In the medium term, five to six years, we need to find a proper solution in North America," Volvo CEO Stefan Jacoby said in an interview with BusinessWeek. "Building a plant in ourselves is maybe more unlikely. I'm looking for a partner that could help us utilize a North American plant."

Volvo has reportedly been in talks with a "couple" of manufacturers and is "open to everybody," Jacoby stated, later specifically cited Fiat as a possible solution, since the Italian carmaker is already active in the United States through the Chrysler Group.

In the meantime, Volvo – like many automakers – is expanding its production in China. BusinessWeek reports that Volvo's first factory in Chengdu is "on track," and will start producing cars in the second half of 2013.