Volvo Cars is considering expanding its production in the United States, CEO Jim Rowan told the Financial Times on Monday.
The subsidiary of China-based Zhejiang Geely Holding Group Co. Ltd. sees the US Inflation Reduction Act as an opportunity to boost production capacity in Charleston, South Carolina, or even build another plant in the US, Rowan noted. The company feels its battery supply partnership with Northvolt AB from Sweden will be a way to comply with the battery production location requirements of the US green subsidy law, according to the report.
Volvo Cars plans to nearly double annual production by 2026 and to sell only electric vehicles by 2030 and aims to produce the electric Volvo EX90 and the Pole Star 3 at the Charleston site.
