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Volvo Car Is Planning To Build a New Factory

Swedish car company Volvo announces plans to build a third plant in Europe

Volvo is considering building a third plant in Europe with the aim of increasing its production capacity to more than 1.2 million vehicles annually, and the Automobilwoche newspaper reported earlier that the Swedish company plans to build a new European plant by the middle of the decade to reach its production target of 1.2 million vehicles a year, according to Volvo’s chief financial officer, Björn Annwall.

No decisions have been made yet, but Volvo has grown very rapidly over the past decade and aims to continue to grow at a similar pace in the future. A spokesperson for the company stated that it already has the capacity to produce 1.2 million vehicles annually at its current two plants, and it wants to raise its capacity even higher, but it hasn’t finished any plans regarding that yet.

It is noteworthy that Volvo recorded the second largest IPO so far in Sweden with a valuation of $ 18 billion last month, knowing that it was aiming for a higher valuation. Read More [Volvo Cars Prepares for a $23 Billion IPO].

The Swedish company currently produces 800,000 cars annually in its two factories, which are located in Sweden and Belgium, and stated that it needs both factories, but it wants more, so it will build a third factory, but it has not revealed the location of the factory yet.

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