Volvo Cars to build electric-only plant in Slovakia

A long-exposure photo shows cars of the Swedish car manufacturer Volvo, exhibited in front of the showroom of Stierli Automobile AG in St. Erhard, Switzerland, April 11, 2019. REUTERS / Arnd Wiegmann / File Photo

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OSLO, July 1 (Reuters) – Volvo Car Group (VOLCARb.ST) will invest 1.2 billion euros ($ 1.25 billion) in building a new manufacturing plant in Slovakia, the Swedish-based carmaker said on Friday.

The new plant, Volvo’s third in Europe, will produce exclusively electric vehicles (EVs) in line with the company’s ambition to produce only EVs by the end of this decade.

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Report by Terje Solsvik, edited by Gwladys Fouche

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