Volvo Automobiles to construct third manufacturing unit in Europe

© Reuters. FILE PHOTO: A Volvo S60 is displayed throughout the inauguration of Volvo Automobiles first U.S. manufacturing plant in Ridgeville, South Carolina, U.S., June 20, 2018. REUTERS/Randall Hill

BERLIN (Reuters) – Volvo Automobiles needs to construct a 3rd manufacturing unit in Europe by the center of the last decade, its CFO Bjorn Annwall informed German paper Automobilwoche on Sunday, with a view to meet its manufacturing goal of 1.2 million automobiles per 12 months.

The Gothenburg-based firm, which grew to become Sweden’s second largest itemizing but after its IPO in late October with a valuation of $18 billion, presently has two factories in Europe – one in Sweden and the opposite in Belgium.

“We’d like each our crops in Europe… however we want extra. That is why we need to construct a 3rd plant,” Annwall mentioned to Automobilwoche. The place that plant will probably be situated shouldn’t be but clear, he mentioned.

Volvo Automobiles was not instantly obtainable for remark.

The carmaker, which is majority owned by China’s Geely Holding, presently produces round 800,000 automobiles yearly, Annwall mentioned. It plans to provide purely electrical automobiles by 2030.

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