Swedish carmaker Volvo plans to invest $118mn to boost its production of electric vehicles (EVs) at the Ridgeville, South Carolina facility.
The plant is capable of producing around 150,000 cars per year. The new investment will help Volvo retool the facility for EV production of models such as the electrified S60 luxury sedan and Polestar 3 from its performance division. Javier Varela, senior vice president, industrial operations and quality, Volvo, said that this move will help the company move towards its electrified goals and expand production. However, no actual target volumes were disclosed.
The investment will enhance Volvo’s presence in the domestic market as well as lift exports to Europe and Asia, Varela added. Volvo says that this investment will take its total South Carolina outlay to $1.2bn.