Sweden based car maker Volvo Cars says that it will be injecting an investment of $1.1 billion (10 billion crowns) into its manufacturing factory in Gothenburg in the next few years as a preparation for production of full electric cars.
“Volvo Cars will invest SEK 10 billion in its Torslanda manufacturing plant in Sweden in coming years, in preparation for the production of that next generation of fully electric cars,” said the company.
This investment pledge comes less than a week after the company entered into a partnership with battery manufacturer Northvolt to jointly build a in Gothenburg, western Sweden. This partnership initiative will require a total investment of 30 billion crowns.
Back in last year, both parties had announced they would form a joint venture to produce batteries including building a mega-factory for production and a research and development center.
Additionally, Volvo says it will introduce new technologies and manufacturing processes at the plant including a new battery assembly plant.