AGL 40.15 Increased By ▲ 0.15 (0.38%)
AIRLINK 130.30 Increased By ▲ 0.77 (0.59%)
BOP 6.79 Increased By ▲ 0.11 (1.65%)
CNERGY 4.63 No Change ▼ 0.00 (0%)
DCL 9.00 Increased By ▲ 0.06 (0.67%)
DFML 43.25 Increased By ▲ 1.56 (3.74%)
DGKC 84.20 Increased By ▲ 0.43 (0.51%)
FCCL 32.90 Increased By ▲ 0.13 (0.4%)
FFBL 78.20 Increased By ▲ 2.73 (3.62%)
FFL 11.82 Increased By ▲ 0.35 (3.05%)
HUBC 110.90 Increased By ▲ 0.35 (0.32%)
HUMNL 14.58 Increased By ▲ 0.02 (0.14%)
KEL 5.56 Increased By ▲ 0.17 (3.15%)
KOSM 8.27 Decreased By ▼ -0.13 (-1.55%)
MLCF 39.80 Increased By ▲ 0.01 (0.03%)
NBP 60.85 Increased By ▲ 0.56 (0.93%)
OGDC 199.50 Decreased By ▼ -0.16 (-0.08%)
PAEL 26.66 Increased By ▲ 0.01 (0.04%)
PIBTL 7.82 Increased By ▲ 0.16 (2.09%)
PPL 160.25 Increased By ▲ 2.33 (1.48%)
PRL 26.76 Increased By ▲ 0.03 (0.11%)
PTC 18.94 Increased By ▲ 0.48 (2.6%)
SEARL 83.28 Increased By ▲ 0.84 (1.02%)
TELE 8.16 Decreased By ▼ -0.15 (-1.81%)
TOMCL 34.45 Decreased By ▼ -0.06 (-0.17%)
TPLP 9.09 Increased By ▲ 0.03 (0.33%)
TREET 17.07 Decreased By ▼ -0.40 (-2.29%)
TRG 60.10 Decreased By ▼ -1.22 (-1.99%)
UNITY 27.60 Increased By ▲ 0.17 (0.62%)
WTL 1.43 Increased By ▲ 0.05 (3.62%)
BR100 10,534 Increased By 127 (1.22%)
BR30 31,898 Increased By 185 (0.58%)
KSE100 98,147 Increased By 818.7 (0.84%)
KSE30 30,514 Increased By 321.6 (1.07%)
Business & Finance

Volvo Cars to invest 700 million SEK in e-motor production at Skovde plant

  • Volvo, owned by China's Geely Holding, targets having half its global sales consisting of fully electric cars by 2025, with the rest to be hybrids.
Published December 9, 2020

STOCKHOLM: Volvo Cars said on Wednesday it plans to start assembling electric motors at its powertrain plant in Skovde, Sweden, investing 700 million crowns ($83 million) to establish complete in-house e-motor production by the middle of the decade.

The decision comes after Volvo earlier this year said it would make big investments in design and development of e-motors for its next generation models.

Volvo, owned by China's Geely Holding, targets having half its global sales consisting of fully electric cars by 2025, with the rest to be hybrids.

The activities related to production of internal combustion engines at the Skovde plant will be transferred to a separate subsidiary of Volvo Cars, Powertrain Engineering Sweden (PES).

PES, as announced earlier by Volvo, is to be merged with Geely's combustion engine operations.

Comments

Comments are closed.