EU agrees to 267 million from Slovakia to Volvo for electric cars. Volvo Cars will invest 1.2 billion euros in the plant, which will have an initial capacity of around 250,000 electric vehicles per year.
The project is expected to create at least 3,300 direct jobs, as well as additional indirect jobs. The measure will contribute to the EU's strategic objectives relating to job creation, regional development and the European Green Deal, highlights Brussels. The aid will take the form of direct grants.