Volvo is building a 1.2 billion euro electric vehicle plant near Romania

Swedish luxury carmaker Volvo Cars plans to build a new production plant in eastern Slovakia, the country’s economy minister said on Friday.

Slovak Economy Minister Richard Sulik said Volvo’s third European plant will be located in Slovakia’s second-largest city, Kosice. About 20% of the 1.2 billion euros needed for the project will be supported by the Slovak government. A?.

The plant is expected to produce about 250,000 electric cars a year and create about 3,300 jobs. Construction will begin next year and production will begin in 2026. Volvo aims to produce only electric cars by 2030.

Volkswagen of Germany, PSA Peugeot Citroen of France, Kia Motors Corp. Jaguar Land Rover already has large factories in South Korea and the UK in Slovakia, a central European country of 5.5 million people.

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