Have a nice weekend!

Volvo To Build $1.25B Electric Vehicle Plant In Slovakia

Volvo's third European plant will be located in Kosice. The company will receive about 20% of the investment needed for the project as support from the Slovak government.

BRATISLAVA, Slovakia (AP) — Swedish luxury vehicle maker Volvo Cars plans to build a new European plant in eastern Slovakia, the country’s economy minister said Friday.

Volvo Slovakia
A Volvo XC40 electric vehicle is shown on Dec. 13, 2021. (AP Photo/Ted S. Warren)

Volvo’s third European plant will be located in an industrial park in Kosice, Slovakia’s second-largest city, according to Richard Sulík, Ministry of Economy of the Slovak Republic. Volvo will receive about 20% of the 1.2 billion euros ($1.25 billion) needed for the project as support from the Slovak government.

The plant is expected to produce some 250,000 electric cars a year and to create some 3.300 jobs. Construction is scheduled to begin next year and production to start in 2026. Volvo has set a goal of only making electric cars by 2030.

Volvo Slovakia
Slovakia’s Economy Minister Richard Sulik announces that Volvo’s new plant, which will make electric cars exclusively, will be located in eastern Slovakia near the second largest city of Kosice. (Source: Facebook / Ministry of Economy of the Slovak Republic)

“I am extremely happy that we can announce that the Volvo company is coming to Slovakia, which has chosen Slovakia for its first expansion in Europe since 1960,”  Sulík said in a statement. “I am very pleased that Slovakia has succeeded in the competition for a mega-investment that will bring development and a lot of jobs the eastern part of Slovakia.”

Germany’s Volkswagen, France’s PSA Peugeot Citroen, South Korea’s Kia Motors Corp. and U.K.-based Jaguar Land Rover already have major plants in Slovakia, a Central European country of 5.5 million people.

Want to learn more about corporate expansion in Europe?

Considering Europe for your company’s relocation or expansion project? Check out all the latest news related to European economic development, corporate relocation, corporate expansion and site selection.

Automotive, Capital Investment, Daily News, Economic Development, Europe, Featured, Incentives, Taxes & Financing, Industries, International, Site Selection Factors

Automotive, Business Incentives, Capital Investment, construction, Economic Development, economy minister, Electric Cars, electric vehicle plant, Electric Vehicles (EV), Europe Automotive Manufacturing, European Plant, expansion project, Kosice, Manufacturing, ministry of economy of the slovak republic, new plant, Richard Sulik, Slovakia, Volvo, volvo cars, volvo company, volvo xc40

Sponsored Content
Featured Location

Location Spotlight: Explore Minnesota

With a diverse economy built on industry-leading companies, thriving small businesses, high innovation rates, world-class infrastructure and a skilled, educated, and engaged workforce, there’s room for everyone to thrive.

Featured Video

Camp Hall – A Next Generation Commerce Park in South Carolina

Camp Hall is a first-of-its-kind, master-planned industrial work space located in Charleston, S.C. As a convergence of people, place and programming, Camp Hall delivers thoughtful infrastructure and logistical features that empower people — and business — to thrive.

Webinars, Podcasts & Videos

Camp Hall – A Next Generation Commerce Park in South Carolina

Camp Hall is a first-of-its-kind, master-planned industrial work space located in Charleston, S.C. As a convergence of people, place and programming, Camp Hall delivers thoughtful infrastructure and logistical features that empower people — and business — to thrive.

Hear from leaders at the Destination Medical Center and Mayo Clinic Business Development in Rochester about why they feel Minnesota is filled with opportunities for founders and why investors should consider the power of startups in Minnesota.

Business Benefits In Minnesota, a Mayo Clinic Business Development and Destination Medical Center Perspective

Hear from leaders at the Destination Medical Center and Mayo Clinic Business Development in Rochester about why they feel Minnesota is filled with opportunities for founders and why investors should consider the power of startups in Minnesota.

Agricultural Heritage Meets Strong Manufacturing Base With a rich history in agriculture, the region is now made up of a strong manufacturing base, including everything from snack foods and Gatorade, to leading human resources software and revolutionary plug-less power systems for electric vehicles. Mount Rogers Regional Partnership's strategic East Coast location is the driving force.

Virginia’s i81-i77 Crossroads | Talent Retention & Manufacturing

Learn about manufacturing jobs and facilities in the Mount Rogers region of southwest Virginia. There is ample opportunity for education and jobs in a region rich with culture and heritage.

Share to...