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Volvo to create 3,300 jobs at $1.25 billion EV plant in Slovakia

BRATISLAVA, Slovakia — Swedish luxury vehicle maker Volvo Cars plans to build a new European plant in eastern Slovakia, the countryÂ’s economy minister said Friday. VolvoÂ’s third European plant will be located in Kosice, SlovakiaÂ’s second-largest city, Economy Minister Richard Sulik said. Volvo will receive about 20% of the 1.2 billion euros ($1.25 billion) needed for the project as support from the Slovak government. The plant is expected to produce some 250,000 electric cars a year and to create some 3.300 jobs. Construction is scheduled to begin next year and production to start in 2026.  GermanyÂ’s Volkswagen, FranceÂ’s PSA Peugeot Citroen, South KoreaÂ’s Kia Motors Corp. and U.K.-based Jaguar Land Rover already have major plants in Slovakia, a Central European country of 5.5 million people. Volvo's plant will be the fifth there, and will bolster the country's standing as the biggest car producer per capita in the world, with the central European country of 5.4 million producing more than 1 million cars in 2021. For Volvo Cars, it will be its third plant in Europe and will build EVs only, in line with the company's ambition to produce EVs exclusively by the end of this decade. The European Union aims to phase out new fossil fuel car sales by 2035. "Expansion in Europe, our largest sales region, is crucial to our shift to electrification and continued growth," Chief Executive Jim Rowan said in a statement. The area targeted for the plant has long had high unemployment compared with the western part of the country. "I am very pleased that Slovakia succeeded in the competition for this mega investment that will bring development and many jobs to the east of Slovakia," Economy Minister Richard Sulik said in a statement. Volvo Cars' other European plants are in Belgium and Sweden. Its output last year rose by 5.6% to almost 700,000 automobiles, of which 27% were either fully electric or plug-in hybrids. The company, which is majority-owned by China's Geely Holding, listed on Nasdaq Stockholm last October. Includes material from Reuters.

Renault Scenic EV takes first place as (European) Car of the Year

The automobile awards season may not be over, but two of the more prestigious annual races came closer to a climax this week. One might need a scorecard to keep track. We’re focused here on two events: the World Car of 2024, now reduced to three finalists in six categories. Then thereÂ’s the Car of the Year, known in some quarters as the European Car of the Year. Except that the car doesnÂ’t have to be European to win, only sold there. Got that? Winners out of the way first: At the Geneva Motor Show on Monday, the Renault Scenic E-Tech all-electric has been voted Car of the Year 2024. The Scenic is a fairly compact, somewhat stylish SUV for Europe only, and is the seventh vehicle from the French brand to win the award. It sells in the United Kingdom for about $47,500. The other six finalists that had made the first cut of voting in November were the BMW 5 Series, BYD Seal, Kia EV9, Peugeot E-3008/3008, Toyota C-HR, and Volvo EX30. The trophy winner was chosen by a jury of 59 motoring journalists from 22 countries. Scenic came in first place with 329 points. The Seal was the first Chinese-made car to make this awardÂ’s shortlist; it finished sixth out of seven, just up from the Toyota. One judge explained his decision to grant the Seal zero votes. Writing in Top Gear, Paul Horrell wrote this entertaining critique: “It looks good and is well specified, so makes a strong market entry. The advanced electric system and cobalt-free battery are commendable too, and it's enjoyable enough to drive quickly. That's undermined by an agitated ride over bumps, and the logic of screens and switches is pretty eccentric.” Recapping the World Car of the Year 2024 update, the sponsors shared the stage at Geneva on Monday with the Europeans as well, although they revealed only the top three finalists in six categories. For the ultimate prize, they are the Kia EV9, the Volvo EX30 and the BYD Seal. The winners will be announced March 27 at the New York International Auto Show. Here's more on the World Car finalists. By the Numbers Geneva Motor Show New York Auto Show BMW Kia Toyota Volvo Peugeot Renault Green Automakers Best Cars

Volvo already planning road-going V8 Supercar?

After decades of cat-and-mouse battle waged between Holden and Ford, Australia's V8 Supercars series has expanded considerably. Mercedes and Nissan both joined the grid last season, and Volvo has followed suit this year. So when 2014 championship kicked off earlier this month in Adelaide, everyone was watching to see who would come out on top.
The answer is Holden, which took first place in all three of the weekend's races. In fact the General Motors division locked out the podium in the first and third races and took first and third places in the second race, letting just one other manufacturer onto the podium the entire weekend - and that was Volvo. The Polestar S60 scored second place on its first race weekend, beating all the Nissan Altimas, the Mercedes E63 AMGs, the Ford Falcons and most of the Holden Commodores.
Now that's hardly winning the championship, but it's a very solid debut. And that point was not lost on the people back at headquarters in Sweden, who are already thinking about making a roadgoing version of the race-spec V8 Supercar.