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Volvo Automobiles will construct a 3rd manufacturing plant in Europe, positioning the corporate nicely to satisfy the continued demand from its clients for electrical automobiles and seize future progress potential.
The brand new plant will likely be climate-neutral and construct solely electrical automobiles, underpinning the corporate’s ambition to turn out to be absolutely electrical by 2030 and climate-neutral by 2040, and to proceed increasing its international manufacturing capability to match its progress ambitions.
By choosing Slovakia as the situation for its new plant, Volvo Automobiles is making a European triangle of producing overlaying its largest gross sales area—complementing the Ghent plant (Belgium) in western Europe and the Torslanda plant (Sweden) in northern Europe.
The brand new facility represents an funding of round €1.2 billion; Volvo expects round 20% to be funded by governmental assist. The plant will likely be situated near Kosice, within the jap a part of Slovakia, the place it should profit from a well-established automotive provide chain because it turns into the fifth automobile plant within the nation.
Volvo Automobiles has an ambition to maneuver in direction of annual gross sales of 1.2 million automobiles by mid-decade, which it goals to satisfy with a world manufacturing footprint spanning Europe, the US and Asia.
Development of the Kosice plant is deliberate to start out in 2023, with tools and manufacturing strains put in throughout 2024. Collection manufacturing of next-generation, pure electrical Volvo automobiles is scheduled to start out in 2026.
In keeping with Volvo Automobiles’ ambition to have climate-neutral manufacturing operations by 2025, the plant will use solely climate-neutral power. It should even be designed to be a frontrunner in sustainable and environment friendly premium electrical automobile manufacturing with an optimized structure and logistics move, whereas Volvo Automobiles goals for the best international requirements in power and environmental effectivity.
As for the situation, Kosice affords good logistical and transport hyperlinks to the remainder of Europe and entry to an excellent provider base. The incentives supplied by the Slovak authorities has additionally been a key issue within the choice to find the plant in Kosice.
The ability is designed to provide as much as 250,000 automobiles per yr and is predicted to offer a number of thousand new jobs within the area. The positioning additionally permits for additional enlargement of the plant in future.
The institution of the Kosice plant represents the primary new European manufacturing website for Volvo Automobiles for nearly 60 years. The Torslanda plant was opened in 1964, whereas the Ghent manufacturing facility adopted a yr later. Collectively, these amenities can produce 600,000 automobiles per yr.
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