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Volvo cars planning to invest $1.1 Billion in Swedish plant

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Volvo cars planning to invest $1.1 Billion in Swedish plant
09 Feb 2022
5 min read

News Synopsis

Volvo Cars are planning to invest $1.1 billion in its manufacturing plant in Gothenburg. The company will use the manufacturing plant in the next few years for the production of fully electric cars. The company also announced a joint battery plant in Gothenburg with Northvolt last week, as part of a total investment of about 30 billion crowns.

Both the companies announced a joint venture for developing batteries, including setting up a gigafactory for production and a research and development centre.

The company said that it will invest SEK 10 billion in its Torslanda manufacturing plant in Sweden in coming years, in preparation for the production of the next generation of fully electronic cars. 

The company will also introduce new technologies and manufacturing processes in its new manufacturing plant along with a new battery assembly plant. It also hopes that 50% of its sales will be only electric cars by the middle of this decade and can reach 100% by 2030.