Volvo is all set to open a new plant in Slovakia, Europe. This will be the first European plant in 60 years. It will be an all-electric car plant. The production in this manufacturing plant will start in 2026. Recently, Volvo announced this 1.25 billion euros project and said that this plant would be able to produce 250,000 vehicles per year. It will be the third Volvo plant in Europe.
Volvo is a Swedish automaker founded by Assar Gabrielsson and Gustav Larson in 1927. Earlier, Volvo used to produce ball bearings. Later on, they started producing cars in 1927. The first car produced by Volvo was a Volvo OV 4. Since then, Volvo has been famous for its luxury and premium cars worldwide. Volvo has manufacturing plants in India, Canada, the U.S., Sweden, Belgium, Thailand, Malaysia, and the Netherlands. Moreover, this new plant in Slovakia will be the third manufacturing plant in Europe. Please read the full article to know the details of this project and what can be expected from it.
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Volvo CEO Jim Rowan’s statement
Rowan was made the CEO of Volvo on March 21, 2022. He is an experienced guy in the technology sector. During the announcement of the new plant, Jim Rowan said that this expansion in Europe is a crucial shift for electrification and growth. Furthermore, he said that Europe is their largest sales region. They are looking forward to this expansion as Volvo Is going all-electric in this plant, and they are excited about building a new team and engaging with more partners.
Details of the project
This is an expansion project of Volvo. It is expected that more than 250,000 electric cars per year will be produced in this plant. Therefore, it will increase employment opportunities. It will create thousands of jobs. Also, Volvo will receive 20% of $1.25 billion from the Slovakian government. The production of electric cars in this plant will begin in 2026, and it is expected that this project will increase sales of Volvo. The Swedish automaker has decided to make only electric cars by 2030. Although Volvo didn’t give any official news about the cars that will be produced in this plant, we expect this information to be shared with us soon.