Madrid, 16 years old (Europe Press)
Volvo Cars will invest another $118 million (about €97 million at the current exchange rate) in its Ridgeville (South Carolina, US) plant to build a 100% electric Polestar 3 there.
As stated by the company, Polestar is a brand that was founded by Volvo Cars and Geely Holding (the parent company of Volvo) in 2017. Because of this, the company will now produce the new Polestar 3 in South Carolina, along with the Volvo S60 and the next generation of cars. Electrified Volvo, which will come out of the same factory.
“The South Carolina team has done an exceptional job producing the award-winning S60 and preparing the plant for the next generation of electrified vehicles. Now, with the Polestar 3 electric production contract, we continue to expand our operations,” said Vice President, Quality and Industrial Operations Expert at Volvo Cars, Javier. Varela.
With this new $118 million, the company brings the total investment in South Carolina to more than $1,200 million (nearly €990 million).
“We are proud to bring these new growth opportunities to Ridgeville and continue to strengthen our presence in the United States,” said Anders Gustafsson, Vice President of Volvo Car America and President of the company in the United States.
Volvo and SSAB
In another context, Volvo also announced on Wednesday that it has entered into a partnership with Swedish steelmaker SSAB to jointly research the development of high-quality, fossil-fuel-free steel for use in the automotive sector.
This collaboration makes Volvo Cars the first car manufacturer to work with SSAB and its Hybrit initiative, a project related to developing steel without fossil fuels.