Volvo Cars to invest 700 million SEK in e-motor production at Skovde plant
- Volvo, owned by China's Geely Holding, targets having half its global sales consisting of fully electric cars by 2025, with the rest to be hybrids.
STOCKHOLM: Volvo Cars said on Wednesday it plans to start assembling electric motors at its powertrain plant in Skovde, Sweden, investing 700 million crowns ($83 million) to establish complete in-house e-motor production by the middle of the decade.
The decision comes after Volvo earlier this year said it would make big investments in design and development of e-motors for its next generation models.
Volvo, owned by China's Geely Holding, targets having half its global sales consisting of fully electric cars by 2025, with the rest to be hybrids.
The activities related to production of internal combustion engines at the Skovde plant will be transferred to a separate subsidiary of Volvo Cars, Powertrain Engineering Sweden (PES).
PES, as announced earlier by Volvo, is to be merged with Geely's combustion engine operations.
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