Speck, 52, says he cannot reveal specifics about the 10-year strategy. But he says: "The plan includes brand positioning, product, powertrain, personnel, network aspirations and essentially all the variables that affect your ability to succeed in the market."
Some changes are in the works. For instance, Volvo will spend more on marketing in the second quarter of 2011 than it did in all of 2010, Speck says. He did not disclose how much.
Volvo is assembling a four-person social media team to kick off an Internet marketing and communications effort. It also is adding six employees to its field staff to train dealers in product and processes. And it is increasing its commercial accounts group by three people at its headquarters in Rockleigh, N.J. The 13 new staff members will bring Volvo's U.S. work force to 288 employees.
Speck says the social media effort is crucial to Volvo's success.
"We need to understand what people say about Volvo and to make sure that we are engaged and proactively responding to queries," he says.
At the Geneva auto show last month, Volvo Car Corp. announced a goal to more than double U.S. sales to 120,000 units by 2020. It is part of a plan to boost worldwide sales to 800,000 vehicles by that time. Last year, Volvo sold 373,525 vehicles worldwide.
The new U.S. target still falls short of Volvo's sales peak of 139,067 units in this country, achieved in 2004 when the XC90 was hot. Last year, Volvo's U.S. sales fell 12 percent to 53,948.
This year, Speck says Volvo could increase U.S. sales to 70,000 units because of the redesigned S60 sedan that went on sale in September. In the first quarter of 2011, Volvo sold 15,440 vehicles here, up 10 percent from a year earlier.
Speck says the XC60 crossover, launched two years ago, and the S60 will be Volvo's focus for the next few years. The two vehicles are cornerstones in Volvo's strategy.
"Our aspiration is to be a luxury brand competitor," Speck says.
He says the XC60 and S60 are cross-shopped by buyers looking at BMW, Mercedes-Benz and Audi vehicles.
Another key vehicle is the XC90 crossover. Speck says Volvo plans to "refresh and bring an all-new XC90 to the market ... within the next few years."
The large S80 sedan that competes with the Mercedes-Benz E class and BMW 5 series, won't be a significant volume driver, Speck says. He expects sales of 4,000 to 5,000 units this year.
"I suspect it will be very difficult to turn a Volvo sedan in that segment into a large volume car for us," he said.
As for adding a halo car like the Audi R8 roadster, Speck says such a vehicle would be "nice to have" but is not a necessity for Volvo as it struggles to build sales.