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Volvo to Create 3,300 Jobs at $1.25 Billion Electric Car Plant in Slovakia

According to the country’s finance minister, who made the announcement on Friday, the Swedish luxury car manufacturer Volvo The Cars firm has ambitions to develop a new European plant in eastern Slovakia.

Volvo’s $1.25 Billion Slovakia Plant Will Create 3,300 Jobs.

According to Slovakia’s Economy Minister Richard Sulik, the third European facility for Volvo would be situated in Kosice, which is the country’s second largest city. The Slovak government will provide funding to Volvo in the amount equivalent to around 20 percent of the total 1.2 billion euros ($1.25 billion) that are required for the project.

It is anticipated that the factory will generate approximately 3,300 employees and produce approximately 250,000 units of electric automobiles per year. It is anticipated that construction will start the following year, and production will start in 2026.

Volvo to Create 3,300 Jobs at $1.25 Billion Electric Car Plant in Slovakia

Germany France’s VolkswagenPSA Automobiles Group There are already significant plants in Slovakia, a country located in Central Europe with a population of 5.5 million people. These factories are owned by Peugeot Citroen, the South Korean Kia Motors Corp., and the British Jaguar Land Rover.

It is anticipated that the nation of central Europe, which has a population of 5.4 million people, will produce more than one million vehicles in 2021 thanks to the addition of the fifth plant, which will be a Volvo plant. This will strengthen the country’s position as the world’s largest car producer per capita.

This will be the third facility in Europe that produces purely electric cars for Volvo Cars, which is in line with the company’s objectives to create only electric cars by the end of this decade. Volvo Cars plan to produce only electric cars.

By the year 2035, the European Union intends to completely discontinue the sale of cars fueled by fossil fuels.

The CEO of the company, Jim Rowan, was quoted as saying in a statement that “expansion in Europe, our largest sales region, is vital to our transition to electrification and continued growth.”

Volvo to Create 3,300 Jobs at $1.25 Billion Electric Car Plant in Slovakia

In comparison to the western section of the country, the area that is going to get the factory has historically had a far higher unemployment rate.

Economy Minister Richard Sulik said in a statement, “I am very pleased that Slovakia has been successful in the tender for this mega-investment, which will bring development and many jobs to the east of Slovakia.” “I am very pleased that Slovakia has been successful in the tender for this mega-investment.”

Additional manufacturing facilities for Volvo Cars can be found in Sweden and Belgium respectively.

Its production for the previous year climbed by 5.6 percent, reaching over 700,000 vehicles, of which 27 percent were either fully electric or plug-in hybrids.

A business that is controlled by China Geely In October of 2017, the holding was first traded on the Nasdaq Stockholm.

Josh Phelix

A journalist and editor with a decade-long career in journalism and criticism,I'm a journalist who loves to write about Tech, Automobile,Entertainment,Sports and Finance things that are true. I love to tell stories that are meaningful and make you think.

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