Volvo Cars has announced its plans to build a new car manufacturing plant in Slovakia, Europe.
This plant will produce only electric cars and is targeted to become climate neutral by 2040.
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Situated near Kosice, in the eastern part of Slovakia, the €1.2bn facility will benefit from the country’s established automotive supply chain.
This will be the third European facility for Volvo cars, complementing the Ghent plant in Belgium and the Torslanda plant in Sweden.
The Kosice plant marks the first European facility for the company in nearly six decades – the Torslanda plant opened in 1964, while the Ghent factory opened a year later.
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It will also be the fifth car facility in Slovakia.
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By GlobalDataVolvo Cars aims for annual sales of 1.2 million cars by mid-decade. It intends to meet this goal through its global manufacturing footprint spanning Europe, the US and Asia.
The construction of the plant is set to start next year. Equipment and production lines will be installed in 2024.
The production of electric Volvo cars is slated to begin in 2026.
Up to 250,000 cars are expected to be manufactured every year at the Kosice facility, which has scope for further future expansion.
Volvo Cars chief executive Jim Rowan: “We have a clear focus on becoming a pure electric mobility brand by 2030, which is in line with our purpose.”
“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.”
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Image: This plant will produce only electric cars. Credit: (Joenomias) Menno de Jong from Pixabay.
