Volvo Cars to establish EV plant in Slovakia

Automotive

Volvo has decided to invest around EUR 1.2 billion to establish a third electric vehicle (EV) manufacturing plant in Europe near Košice, eastern Slovakia, it said on Friday.

The plant, which will be Volvo's first new European manufacturing site for almost 60 years, is planned to be climate neutral, be able to produce 250,000 vehicles a year and only manufacture EVs.

Construction of the plant is due to start in 2023, with equipment and production lines installed during 2024 and EV production to start in 2026, the automaker said.

The Košice plant will complement Volvo's Ghent plant in Belgium and the Torslanda plant in Sweden, and help the company become fully electric by 2030 and climate neutral by 2040. Volvo aims to sell 1.2 million vehicles/year globally by 2025. 

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