Volvo to invest $1.25 billion EV plant in Slovakia

Volvo Car Group is set to invest 1.2 billion euros ($1.25 billion) for building an electric vehicle (EV) plant in Slovakia, the automaker said.

The site will bolster its standing as the biggest car producer per capita in the world, with the country of 5.4 million producing over 1 million cars in 2021.

For the automaker, this will be its third plant in Europe and will build EVs only.

The facility in the Kosice region in Slovakia is designed to produce about 250,000 cars annually. The plans also pemit future expansion, the automaker said.

The investment will create 3,300 jobs around the city of Kosice.

Volvo Cars’ other European plants exist in Belgium and Sweden.