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Home » Stock Market News » Volvo Cars plans to establish tech hub in Stockholm

Volvo Cars plans to establish tech hub in Stockholm

Written by Miroslav Marinov
Miroslav Marinov
Miroslav Marinov, a financial news editor at TradingPedia, is engaged with observing and reporting on the tendencies in the Foreign Exchange Market, as currently his focus is set on the major currencies of eight developed nations worldwide.
, | Updated:

Volvo Car Group (VOLCARb) said on Friday that it intended to set up a tech hub in Sweden’s capital of Stockholm in an attempt to achieve its objective to sell at least half of its vehicles online.

The new facility will host more than 700 employees with skills in fields such as data science, software engineering and analytics.

“The expansion will support Volvo Cars’ strong growth, as well as its mid-decade ambitions to sell at least half of all its cars online and to develop at least half of all software in-house,” the Gothenburg-based auto maker said in a statement.

As of 11:33 GMT on Friday the shares of Volvo Car AB (VOLCARb) were gaining 1.45% (SEK 0.80) on the day to trade at SEK 55.92 in Stockholm.

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