Volvo Cars will establish a third manufacturing plant in Europe, positioning the company well to meet the continued demand from its customers for electric cars and capture future growth potential. The new plant will be climate neutral and build only electric cars, underpinning the company’s ambition to become fully electric by 2030 and climate neutral by 2040, and to continue expanding its global production capacity to match its growth ambitions.Construction of the Kosice plant is planned to start in 2023, with equipment and production lines installed during 2024. Series production of next-generation electric Volvo cars is scheduled to start in 2026.The new facility represents an investment of around EUR 1.2 billion. It will be located close to Kosice, in the eastern part of Slovakia, where it will benefit from a well-established automotive supply chain as it becomes the fifth car plant in the country.By picking Slovakia as the location for its new plant, Volvo Cars creates a European triangle of manufacturing covering its largest sales region – complementing the Ghent plant in Belgium in Western Europe and the Torslanda plant in Sweden in northern Europe.The establishment of the Kosice plant represents the first new European manufacturing site for Volvo Cars for almost 60 years. The Torslanda plant was opened in 1964, while the Ghent factory followed a year later. Together, these facilities can produce 600,000 cars per year.