Volvo accelerates EV production in Europe | FormulaPassion – News

Volvo is preparing to start production of electric vehicles in Slovakia. And precisely in Valaliky, near Kosicein the eastern part of the country, where the Swedish carmaker will build its new factory dedicated to the assembly of battery models.

Support from the EU

A possible concept, especially after the European Commission approved the subsidy program from 267 million euros precisely in supporting the construction of this new plant. “The move will contribute to the EU’s strategic objectives related to job creation, regional development and the European Green Plan”, Brussels reports. Ansa announces that this support will take the form of direct subsidies.

Electric Volvo production in Slovakia

We are talking about an important plant from Volvo’s future perspective. The Swedish carmaker has announced that it will invest 1.2 billion euros in the Valaliky plant: at the moment we only know that it will have an initial production capacity of approx 250,000 electric vehicles per year and which in the long term will lead to the creation of at least 3,300 direct jobs, as well as more indirect jobs.