Volvo Cars Announces New $1.25 Billion EV Plant In Slovakia via insideevs.com
Volvo Cars has announced plans to build a new manufacturing plant in Europe that will be dedicated exclusively to fully electric vehicles, supporting its goal of becoming an electric-only brand by 2030.
Located in eastern Slovakia, the new facility will cost around €1.2 billion and will add to Volvo Cars' existing factories in Torslanda andConstruction on the new plant, located close to Kosice in the eastern part of Slovakia, will start in 2023, with equipment and production lines to be installed during 2024. Series production ofThe new factory is designed to produce up to 250,000 cars per year and is expected to create several thousand new jobs in the region.
"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."The plant will use only climate neutral energy, supporting Volvo Cars' ambition to have climate neutral manufacturing operations by 2025.
Set to become the fifth car plant in Slovakia, Volvo Cars' facility will benefit from Kosice's good logistical and transport links to the rest of Europe and access to a good supplier base. A key factor for the decision to locate the plant in Kosice were the incentives offered by the Slovak government, estimated at 20% of the total investment or around €240 million .
The Kosice plant will represent the first new European manufacturing site for Volvo Cars for almost 60 years, as the Torslanda and Ghent facilities opened in 1964 and 1965, respectively. The Swedish automaker's three European plants will have a combined annual output of 600,000 cars.
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