Volvo Cars invests €1.2bn in new Slovakia manufacturing plant
Volvo Cars is investing around €1.2bn in a new European manufacturing plant dedicated to producing up to 250,000 electric cars a year.
The new plant in Slovakia, Volvo’s third in Europe, will be climate neutral and aligns with the company’s ambition to become fully electric by 2030 and climate neutral by 2040.
Volvo Cars said it aims to sell 1.2 million cars annually by the middle of the decade, an ambition that will be met with a global manufacturing footprint spanning Europe, the US and Asia.
“We have a clear focus on becoming a pure electric mobility brand by 2030, which is in line with our purpose,” said Jim Rowan, chief executive at Volvo Cars. “Expansion in Europe, our largest sales region, is crucial to our shift to electrification and continued growth. I am very pleased to expand our Volvo Cars production footprint into Slovakia and look forward to welcoming new colleagues and partners on the journey ahead.”
Construction of the Kosice plant in eastern Slovakia is planned to start in 2023, with equipment and production lines installed during 2024. Series production of next-generation, pure electric Volvo cars is scheduled to start in 2026.
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