Despite its Chinese ownership, Volvo is intending to keep developing and building cars at home in Sweden.

Volvo says that about half of the $11 billion it is planning to invest in its global operations will be in its home market, where it intends to continue researching, developing and assembling the majority of its cars, including a new line of vehicles built off of its upcoming "scalable" architecture.

Acquired by China's Geely in 2010, Volvo is pinning its hopes on big growth in demand in China, but it isn't giving up its Swedish roots.

The new scalable platform and four-cylinder engine family will be used under virtually every future Volvo product, a move that the automaker contends will cut costs while increasing its ability to remain competitive independent of a larger automaker. Even under Ford's umbrella, where Volvo was able to tap into the larger automaker's deeper resources, the Swedish company has struggled to consistently post a profit.

Yet Geely is optimistic in its investment, the largest yet by a Chinese firm into a western automaker.

The first car that will launch on the new architecture is the next-generation XC90 crossover, which should hit the market in about 24 months.

The next XC90 will be built in Volvo's Torslanda, Sweden, assembly plant, where Volvo is building a new body shop to produce larger vehicles. Volvo is also dropping considerable coin on its Olofstrom, Sweden, plant, which will build another vehicle built on the same platform.