Volvo has announced that it is investing SEK 10 billion in a new electric cars plant, which is around £807 million at the current exchange rate.
The company will make the investment at its Torslanda manufacturing plant in Sweden for the production of electric cars.
As part of the planned investments, the company will introduce a number of new and more sustainable technologies and manufacturing processes in the plant. These include the introduction of mega casting of aluminium body parts, a new battery assembly plant and fully refurbished paint and final assembly shops.
The investments follow on a recent announcement by Volvo Cars and Northvolt, the leading battery cell company, to invest SEK 30 billion in the development and manufacturing of high-quality, tailor-made batteries for the next generation of pure electric Volvo models.
“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. “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.”
You can see more details about Volvo’s plans for electric vehicles over at the company’s website at the link below.