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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.

2023 Volvo XC60 Review: Get the Recharge plug-in hybrid

Pros: Elegant styling and beautiful cabin; excellent plug-in hybrid option; solid value Cons: Middling handling; pricey and strange Polestar performance model The 2023 Volvo XC60 is the bread-and-butter SUV for Volvo since it’s in the very popular compact luxury segment. Thankfully for Volvo, the XC60 is a good, solidly competitive offering and one of our top-recommended choices in that segment. The most enticing part about the XC60 is its superb plug-in hybrid “Recharge” option. With 36 miles of range, a very strong electric motor and tons of power on tap from the gasoline engine, thereÂ’s no luxury compact SUV plug-in hybrid weÂ’d rather have. Of course, many of the XC60Â’s other elements are what make it so desirable. The 2022 update to revamp the vehicleÂ’s infotainment system give it a top-notch suite of tech offerings. ItÂ’s practically impossible to find the exterior styling offensive. Plus, who doesnÂ’t love an elegant Swedish-style interior? You can even get wool upholstery! One of our editors loved the XC60 so much that he actually bought one, so thereÂ’s a true endorsement coming straight from our wallets. Compared to other compact luxury SUVs, the XC60 wonÂ’t carve corners as well as a BMW X3 or Mercedes-Benz GLC. Plus, the Polestar Engineered performance model is a tad questionable considering it doesnÂ’t provide extra power and has manually adjustable dampers — yeah, you have to go twist the knob yourself. Those arenÂ’t exactly dealbreakers, though, and given the spacious back seat and cargo room, comfortable driving characteristics and excellent fuel efficiency, the stylish XC60 is an impossible-to-overlook option. Interior & Technology   |   Passenger & Cargo Space   |   Performance & Fuel Economy What it's like to drive   |   Pricing & Trim Levels   |   Crash Ratings & Safety Features What's new for 2023? For 2023, Volvo revamps its trim naming structure. Instead of the familiar Momentum, R-Design and Inscription options, buyers are now faced with Core, Plus and Ultimate. Additionally, the number of options packages are reduced and bundled together. The more important updates happened last year for the 2022 model where Volvo completely revamped the powertrain options, adding a mild-hybrid assist to the B5 and B6 models and providing big upgrades to the Recharge plug-in hybrid. You can read about these changes to the Recharge in our first drive story from 2022.

Next Polestar Volvo sounds great, whatever it is

Something - we don't know what yet - is coming from Polestar. While we'll be recovering from next week's LA Auto Show and Tokyo Motor Show (and starting to slack off ahead of an extended Thanksgiving weekend), the official tuner of Volvo products has announced plans to unveil its latest creation in less than two weeks.
Based on this video teaser, we can only imagine (and hope) that it's the souped-up Volvo V60 recently caught testing by our spy shooters. The idea of a high-performance Volvo wagon was already enough to get us giddy last month, but the exhaust note in this video is downright captivating. Scroll down to watch the teaser for yourself, and be prepared for some bright blue wagony goodness to be revealed on November 26.