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Volvo Car AB plans to establish third factory in Europe, Automobilwoche reports

According to a report by German paper Automobilwoche over the weekend, citing Volvo Car AB’s (VOLCARb) CFO Bjorn Annwall, the auto maker intends to establish a third factory in Europe by the middle of the decade in an attempt to meet its production objective of 1.2 million vehicles per year.

At present, Volvo operates two facilities in Europe – one located in Sweden and another one located in Belgium.

“We need both our plants in Europe … but we need more. That’s why we want to build a third plant,” the CFO told the German media.

Still, the location of the new plant remains unclear, Annwall added.

At present, Volvo, which is majority-owned by China’s Geely Holding, produces around 800,000 vehicles per year, while it intends to build fully electric cars by 2030.

As of 8:09 GMT on Monday the shares of Volvo Car AB (VOLCARb) were advancing 4.53% (SEK 3.44) on the day, while extending gains from the previous four sessions, to trade at SEK 79.44 in Stockholm.

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