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Volvo to create 3,300 jobs at $1.25 billion EV plant in Slovakia

BRATISLAVA, Slovakia — Swedish luxury vehicle maker Volvo Cars plans to build a new European plant in eastern Slovakia, the countryÂ’s economy minister said Friday. VolvoÂ’s third European plant will be located in Kosice, SlovakiaÂ’s second-largest city, Economy Minister Richard Sulik said. Volvo will receive about 20% of the 1.2 billion euros ($1.25 billion) needed for the project as support from the Slovak government. The plant is expected to produce some 250,000 electric cars a year and to create some 3.300 jobs. Construction is scheduled to begin next year and production to start in 2026.  GermanyÂ’s Volkswagen, FranceÂ’s PSA Peugeot Citroen, South KoreaÂ’s Kia Motors Corp. and U.K.-based Jaguar Land Rover already have major plants in Slovakia, a Central European country of 5.5 million people. Volvo's plant will be the fifth there, and will bolster the country's standing as the biggest car producer per capita in the world, with the central European country of 5.4 million producing more than 1 million cars in 2021. For Volvo Cars, it will be its third plant in Europe and will build EVs only, in line with the company's ambition to produce EVs exclusively by the end of this decade. The European Union aims to phase out new fossil fuel car sales by 2035. "Expansion in Europe, our largest sales region, is crucial to our shift to electrification and continued growth," Chief Executive Jim Rowan said in a statement. The area targeted for the plant has long had high unemployment compared with the western part of the country. "I am very pleased that Slovakia succeeded in the competition for this mega investment that will bring development and many jobs to the east of Slovakia," Economy Minister Richard Sulik said in a statement. Volvo Cars' other European plants are in Belgium and Sweden. Its output last year rose by 5.6% to almost 700,000 automobiles, of which 27% were either fully electric or plug-in hybrids. The company, which is majority-owned by China's Geely Holding, listed on Nasdaq Stockholm last October. Includes material from Reuters.

Volvo agrees to transfer tech to new parent Geely

Following the acquisition of Volvo by China's Zhejiang Geely Holding Group in 2010, we definitely saw this news coming. The two companies have signed an agreement that will give Chinese automaker Geely access to key technologies developed by Volvo, and in turn, the deal could help the Swedish automaker lower its production costs.
As a part of the "technological cooperation agreements" signed by both companies, Automotive News China reports that Geely will be able to tap Volvo for three much-needed technologies, including the use of a midsize platform, Volvo's proven safety innovations and interior air quality systems. The latter two technologies are important to improve the crashworthiness of Geely's cars, along with helping isolate vehicle occupants from China's often severe air pollution. The report says that Volvo tech will likely be used on a premium car brand that Geely is expected to create.
Volvo, on the other hand, is to benefit from the "local market exploration experience and cost control experience" of Zhejiang Geely Holding Group, which is technical way of saying that Volvo will be able reduce its costs by tapping into Geely's established supply chain.

Volvo EM90 unveiled as electric minivan for the Chinese market

Volvo is bringing boxy back with the EM90, its first entry into the minivan segment. Described as a "living room on the move," the people-hauler features an electric drivetrain and a spacious-looking cabin with three rows of seats as well as a long list of technology features. Unverified reports claim that the EM90 is based on the Zeekr 009. Volvo hasn't revealed what's under the sheet metal, but design details such as the shape of the windows and the kink on each sliding door seemingly confirm the connection. However, the EM90 features a look of its own that's characterized by Thor's Hammer-shaped lights on both ends, a body-colored front-end panel with a backlit Volvo emblem, and "VOLVO" lettering on the hatch. Volvo explains that the front's design was inspired by "skyscrapers and cutting-edge immersive art." Road noise-canceling technology and a dual-chamber air suspension system should make the EM90 a comfortable space to travel in. If it's too quiet, Volvo offers a 21-speaker Bowers & Wilkins sound system, 5G connectivity, and a roof-mounted 15.6-inch screen that folds into the headliner when it's not in use. It can be used to display entertainment options via third-party apps and it can project a user's phone. If you'd rather get work done, there are tablets integrated into the individual rear seats and a "meeting room" mode that adjusts the screens, the seats, the windows, the air conditioning, and the interior lighting accordingly. "Theater" and "bedroom" modes are available as well. While the rear occupants are working, watching a movie, or sleeping, the driver faces a digital instrument cluster and a 15.4-inch touchscreen for the infotainment system. Several cameras, a millimeter-wave radar, and ultrasonic radars power a wide selection of electronic driving aids. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Power comes from a 268-horsepower electric motor linked to a 116-kilowatt-hour lithium-ion battery pack. Volvo quotes a maximum driving range of up to 458 miles, though it notes that figure was obtained using the Chinese testing cycle. Zero to 62 mph takes 8.3 seconds.  Made in China, the Volvo EM90 is on sale now on the Chinese market. There's no word on whether it will be sold in other countries, Volvo merely said the model is "coming first to China," but we wouldn't bet on seeing it show up in a showroom on our side of the Pacific.