According to Clean Tehnica, Volvo aims to exclusively produce EVs by 2030, and the company aims to be climate neutral by 2040.

Once completed, the new European factory will have a production capacity of some 250.000 EVs per year.

Jim Rowan, chief executive at Volvo Cars, said that "we have a clear focus on becoming a pure electric mobility brand by 2030, which is in line with our purpose. Expansion in Europe, our largest sales region, is crucial to our shift to electrification and continued growth."

"I am very pleased to expand our Volvo Cars production footprint into Slovakia and look forward to welcoming new colleagues and partners on the journey ahead", he added.

Company officials stated that "Volvo Cars has an ambition to move towards annual sales of 1.2 million cars by mid-decade, which it aims to meet with a global manufacturing footprint spanning Europe, the US and Asia."

The last factory opened by Volvo in Europe is the one located in Ghent, Belgium, which started operating in 1965, nearly 60 years ago.

The construction of the new factory in Slovakia will start in 2023, with production lines expected to be installed in 2024 and the actual production of EVs should begin sometime in 2026.