Volvo has announced that it will be building a new factory in Slovakia, completing a ‘European triangle’ of manufacturing in the process.
Complementing its Ghent and Torslanda sites, found in Belgium and Sweden respectively, the addition of the Slovakia facility is part of Volvo’s plans to reach annual sales of 1.2 million cars by the middle of the decade. Construction of the facility, which is located in Kosice, is set to commence next year with equipment and production lines installed in 2024. From there, series production of Volvo’s next generation of electric cars will commence in 2026.
Plus, the site will only use climate-neutral energy, tying into Volvo’s ambitions to become climate neutral in its manufacturing operations by 2025.
Jim Rowan, chief executive at Volvo Cars, said: “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.”
The new facility will only build EVs as part of Volvo’s commitment to becoming a fully electric brand by 2030. Set to produce up to 250,000 cars annually the facility – which represents an investment of around €1.2bn (circa £1bn) – is expected to provide jobs for ‘several thousand’ people. It also represents the first new European manufacturer built by Volvo for almost 60 years.