BERLIN -- Volvo Cars wants to build a third factory in Europe after 2025, Chief Financial Officer Bjorn Annwall said, in order to go beyond a target of selling 1.2 million vehicles annually by that year, an increase of more than 80 percent compared with the 661,713 units sold in 2020.
The Gothenburg-based company, which became Sweden's second largest listing ever after its IPO in late October with a valuation of $18 billion, currently has two factories in Europe -- one in Torslanda, Sweden, and the other in Ghent, Belgium.
"We need both our plants in Europe ... but we need more. That's why we want to build a third plant," Annwall told Automotive News Europe sister publication Automobilwoche.
Annwall told the Swedish business newspaper Dagens Industri in July about Volvo's plan to add production capacity beyoud 2025, saying the plant would "probably be in Europe."
Where that plant will be located is not yet clear, he said.
Volvo Chief Technology Officer Henrik Green told Automotive News Europe in July that the automaker can reach its 1.2 million sales goal "if we bump up the maximum capacity in all the plants that we have."
"But moving forward beyond 2025 and going to even higher numbers, which we plan to do, we would need more capacity than we have today," Green told ANE.