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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 announces a move away from wagons and sedans as SUV fever spikes

Volvo will move away from station wagons and sedans as it pivots towards an electric-only lineup. While it won't abandon either body style, it hinted it will pare down its presence in both segments as it launches more crossovers. "We need less variants of sedans and wagons. We have a lot of wagons today, with the V60, the V90, the Cross Country, and the non-Cross Country, plus a lot of sedans big and small, long, and extra-long. We need to move from wagons and sedans. We will still have them in the future, but probably not as many," warned company boss Hakan Samuelsson in an interview with British magazine Autocar. He pointed out Volvo's sales mix is about 75% SUVs. Volvo's portfolio in 2021 includes two wagons, the V60 and the V90. Each one is available as a regular low-riding model, or as a Cross Country-branded high rider with all-wheel-drive and rugged styling cues. Selling wagons in 2021 is difficult, even for a brand like Volvo that's been closely associated with the body style for decades. American motorists fell out of love with the long-roof years ago, and Chinese drivers never liked them to begin with. Europeans still buy lifted wagons, but low-riding models are a tough sell, even in Volvo's home country of Sweden. Reading between the lines suggests non-Cross Country-badged models will be axed from the range in the coming years. As for sedans, Volvo has two: the S60 and the S90. It's not too far-fetched to speculate that at least one won't be replaced at the end of its life cycle. While nothing is official yet, and this is just a guess, our money is on the S90. High-riding vehicles are what the market wants in the 2020s, and Volvo (like everyone else) is following demand. It added a fourth model to its palette of crossovers and SUVs when it introduced the 2022 C40 Recharge, an electric soft-roader with XC40 underpinnings and a fastback-like roof line. Unverified rumors claim a flagship model tentatively called XC100 is on its way, and Samuelsson confirmed an entry-level crossover called either XC20 or C20 is currently under development. The model's architecture will come from China-based parent company Geely. Samuelsson explained the shift to an all-electric range will have a profound effect on Volvo's design language. First, a lot of its upcoming cars will be taller, because it's easier to pack a bulky battery pack into a crossover than into a sedan. Second, the firm's future design language will be more streamlined.

2025 Volvo S60 the last model year for the sedan in the U.S.

Once Volvo finally got the EX90 headed down assembly lines at the automaker's South Carolina plant, the plant's other product, the S60 sedan, was on borrowed time. A few days after the EX90 news, Instagram account volvo.forlife posted a pic with the caption, "Did you know that with the start of production of the @volvocars #VolvoEX90 at the Charleston, South Carolina plant, the production of the #VolvoS60 will also be coming to an end?" The S60 got about three more days of borrowed time, Volvo telling Road & Track that "After five years Volvo Cars is ending production of the S60 sedan in Ridgeville, South Carolina at the end of June 2024 for the U.S. and some other markets to focus on the all-new EX90." We suspect the sedan would have died earlier if EX90 production had commenced on time. The reprieve could have given the news more time to infiltrate the back channels, and might help explain why S60 sales are up 255% so far this year. Volvo's Chengdu, China plant that also makes the S60 will continue to do so, but those cars aren't coming here. The South Carolina facility can now concentrate on ramping up output of the Volvo EX90, already underway, and the Polestar 3, which commences local shortly. We haven't had an S60 sit through Autoblog exams for a bit, but the the sedan's seen no major revisions since we last drove the current third generation introduced in 2019. We lauded it for fantastic styling, a luxurious interior, and robust tech, dinging it only for a braking system not totally prepared for a driver to enjoy the dynamic potential of a 4,000-pound sedan with 400 horsepower and 472 pound-feet of torque.    That T8 Inscription trim is no more, but the rest of the S60's plaudits remain valid. Until inventory dries up, the S60 comes in three trims priced from about $45,000 to $53,000 before options. All are powered by turbocharged 2.0-liter four-cylinder mild hybrid making a combined 247 horsepower and 248 pound-feet of torque, in front- or all-wheel-drive, and rated to tow 2,000 pounds.