BERLIN, Nov. 14, according to reports from the company, a third plant in Europe is planned for a capacity of 1.2 million vehicles per year, a spokesperson said on Sunday.
Automobilwoche reported earlier on Sunday that the company was planning to build a new European plant by the middle of the decade to meet its production target of 1,2 million vehicles a year, citing Volvo Cars CFO Bjorn Annwall.
A company spokesperson said that the company already can produce 1,2 million cars per year at its six existing factories and wanted to expand its capacity beyond that amount, but no plans were finalised as of yet.
"There is no decision being made now." The spokesperson said that Volvo Cars has grown quickly over the past decade and want to continue growing at a similar pace along the way," a spokesperson said.
The Gothenburg-based company, which became Sweden's second largest listing in late October with a valuation of $18 billion, currently produces approximately 800,000 cars a year by two factories. The two factories are Sweden and Belgium, and one manufacture is the other which is the same value as the other company.
As such, we would like another plant in Europe... but we need more, that's why we want to build a third plant, Annwall said in Automobilwoche. Where will this plant be located isn't clear yet, he said.
(That story corrects the paragraph 3 saying it can produce 1,2 million cars at its six factories worldwide, not only its two European factories))