Slovakia wins EU nod for $289 mln aid to Volvo's EV plant

Volvo Car AB

08/04/2024 10:45

BRUSSELS, April 8 (Reuters) - Slovakia on Monday secured
EU regulators' approval to grant 267 million euros ($289
million) in state aid to Volvo Car's  VOLCARb.ST  plant that
aims to produce about 250,000 electric cars annually.
    The Swedish-based automaker, which is majority-owned by
China's Geely Holding  GEELY.UL , announced a 1.2-billion-euro
electric vehicle (EV) plant in Slovakia in 2022.
    The European Commission said the Slovakian state aid in the
form of direct grants contributes to the EU's objectives on job
creation, regional development and the European green goals.
    The facility is located in the Kosice region in eastern
Slovakia.
    ($1 = 0.9238 euros)

 (Reporting by Foo Yun Chee)
 ((foo.yunchee@thomsonreuters.com; +32 2 585 2866; Reuters
Messaging: foo.yunchee.thomsonreuters.com@reuters.net))