Volvo Vehicles to speculate $1.1 billion in Swedish plant for change to EVs By Reuters

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© Reuters. FILE PHOTO: The emblem of Volvo is seen on the entrance grill of a Volvo XC40 SUV displayed at a Volvo showroom in Mexico Metropolis, Mexico April 6, 2018. REUTERS/Gustavo Graf

STOCKHOLM (Reuters) -Volvo Vehicles will make investments 10 billion crowns ($1.1 billion) in its manufacturing plant in Gothenburg within the subsequent few years to organize for manufacturing of absolutely electrical automobiles, it stated on Tuesday.

The funding follows an announcement by Volvo and battery maker Northvolt final week to construct a joint battery plant in Gothenburg, western Sweden, as a part of a complete funding of about 30 billion crowns.

The 2 Swedish firms stated final 12 months they’d type a three way partnership to develop batteries, together with establishing a gigafactory for manufacturing and a analysis and growth centre.

“Volvo Vehicles will make investments SEK 10 billion in its Torslanda manufacturing plant in Sweden in coming years, in preparation for the manufacturing of that subsequent era of absolutely electrical automobiles,” the automaker stated in an announcement on Tuesday.

It added that it might introduce new applied sciences and manufacturing processes within the plant, together with a brand new battery meeting plant.

Volvo Vehicles, majority owned by China’s Geely Holding, hopes that fifty% of its gross sales might be of pure electrical automobiles by the center of this decade and to succeed in 100% by 2030.

($1 = 9.1419 Swedish crowns)

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