Stock Groups

Volvo Cars to build third factory in Europe

by Mike Robinson

[ad_1]

© Reuters. FILE PHOTO A Volvo S60 was displayed at the opening of Volvo Cars’ first U.S. manufacturing plant, Ridgeville (South Carolina), U.S.A, June 20, 2018. REUTERS/Randall Hill

BERLIN (Reuters] – Volvo Cars plans to construct a third European factory by the end of the decade. This is according to Bjorn Annwall, the company’s CFO. The goal is to reach its annual production target, which stands at 1.2 million units per year.

After its IPO in October, the Gothenburg-based company became Sweden’s 2nd largest listed entity. It was valued at $18 billion.

“We have to keep both of our European plants…but we also need more. Annwall stated to Automobilwoche, “That’s why we want a third facility.” He said that it is still not clear where the plant would be situated.

Volvo Cars is not available immediately.

Annwall revealed that China’s Geely Holding owns the majority of the carmaker. Annwall estimates that it currently makes around 800,000 vehicles annually. By 2030, it will be producing purely electric automobiles.

Disclaimer: Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media does not accept any liability for trade losses that you may incur due to the use of these data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.



[ad_2]