Volvo Cars invests SEK 10 billion to make EV switch a reality
To realise its electric car ambitions, Volvo Cars says it will invest SEK 10 billion (EUR 960 million) in its Torslanda manufacturing plant in Sweden in coming years.
With this planned investment, the company says it will introduce a number of new technologies and manufacturing processes in the plant – including the introduction of mega casting of aluminium body parts and a new battery assembly plant.
The investments follow on the heels of Volvo Cars and battery manufacturer Northvolt's decision to invest SEK 30 billion in the development and manufacturing of tailor-made batteries for the next-gen of electric Volvo cars.
With these investment plans Volvo Cars moves closer towards its goal of becoming a fully electric car company by 2030.
“With these investments we take an important step towards our all-electric future and prepare for even more advanced and better electric Volvos,” said Håkan Samuelsson, chief executive in a press release. “Torslanda is our largest plant and will play a crucial role in our ongoing transformation as we move towards becoming a pure electric car maker by 2030.”