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Volvo Cars to Build $1.3 Billion EV Plant in Slovakia

  • Factory would produce 250,000 EVs annually, Volvo says
  • Investment also opens path for possible battery facility
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Volvo Car AB plans to build a 1.2 billion euro ($1.3 billion) electric-vehicle factory in Slovakia, the company said Friday.

The new plant will be able to produce 250,000 electric cars per year, part of the company’s goal of reaching annual sales of 1.2 million cars by 2025 and switching its entire lineup to battery-powered vehicles by the end of the decade.