Volvo to Invest $1 Billion into Torslanda Plant for EV Production
As electric vehicles (EVs) shift to become the best-sold vehicles in the years to come, one European automaker has announced new investments for upgrading a production facility to be more EV-forward.
Volvo announced plans on Tuesday to invest SEK 10 billion ($1.09 billion) into its manufacturing plant in Torslanda, Sweden to develop its next-generation of electric cars, according to a press release.
The company plans to use the funding to manufacture vehicles in Torslanda, while also introducing updated sustainability hardware and processes, including a mega-casting machine for aluminum car parts, a new assembly plant and refurbished paint and final assembly stops.
Volvo Partners With Sweden’s Northvolt to Produce EV Batteries https://t.co/WdeIqKwmYb
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Volvo Chief Executive Håkan Samuelsson said, “With these investments we take an important step towards our all-electric future and prepare for even more advanced and better electric Volvos.” Samuelsson continued, “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.”
Last year, Volvo announced plans to shift to all-electric vehicles with online-only sales by 2030 — not dissimilar from the way Tesla’s sales model works.
However, borrowed from Tesla or not, the goal is more ambitious than many automakers and the company is based in a region with high EV adoption rates.