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Volvo on Friday introduced plans to assemble a car plant in Kosice, Slovakia.
The plant might be Volvo’s third car plant in Europe, becoming a member of the automaker’s present vegetation in Belgium and Sweden. This represents the primary time in 60 years that Volvo has introduced a brand new plant in Europe.
The plant, which is able to solely construct electrical autos, will be capable to construct as much as 250,000 autos per 12 months. The placement additionally permits for additional enlargement sooner or later, ought to it’s required. Along with the Belgian and Swedish vegetation, Volvo’s capability in Europe will develop to round 600,000 autos yearly.
Volvo delivered roughly 700,000 autos in 2021 however has plans to develop this determine to 1.2 million by the center of the last decade. Different vegetation are discovered within the U.S. and China, which mixed add annual capability of round 800,000 autos.
Volvo will make investments near 1 billion euros (roughly $1.04 billion) within the new plant, with the federal government of Slovakia offering an extra 20% in funding. Round 3,300 direct jobs might be created.
If all goes to plan, development will begin in 2023 and the primary autos might be rolling off the road in 2026. By 2030, Volvo plans for all of its vegetation worldwide to be solely constructing EVs.
No point out of what car(s) might be constructed on the new plant. One risk is a crossover smaller than the compact XC40, which former Volvo CEO Hakan Samuelsson hinted ultimately 12 months.
“We’ve got a transparent give attention to changing into a pure electrical mobility model by 2030, which is in keeping with our function,” Jim Rowan, Volvo’s present CEO, stated in a press release. “Growth in Europe, our largest gross sales area, is essential to our shift to electrification and continued development.”
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