ADVERTISEMENT

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. 

Hungary Crude Supply Secured With 'Temporary Solutions' Energy Trade

Hungary Crude Supply Secured With 'Temporary Solutions'

Hungary to Host Next EPC Summit Int’l Relations

Hungary to Host Next EPC Summit

New Tenants at Academia Offices Office Market

New Tenants at Academia Offices

Visitor Numbers, Guest Nights Climb in H1 Tourism

Visitor Numbers, Guest Nights Climb in H1

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.