Volvo is considering building a third car plant in Europe

Bjorn Annwall, Volvo's chief financial officer, said on Nov. 14 that the company was considering building a third plant in Europe by 2025 to increase annual production to more than 1.2 million vehicles, according to German auto media Automobilwoche.

At present, Volvo has two European plants in Sweden and Belgium, which can produce about 800000 cars a year. A Volvo spokesman said they hope to further expand car production on this basis.

"We already have two factories in Europe," Annwall told Automobilwoche. But we need more capacity, which is why we want to build a third factory. " However, the company has not yet finalized any plans and sites for the plant.

"what we can say at this stage is that we haven't made a decision yet," Annwall said. However, Volvo has developed rapidly over the past decade and we hope to continue to grow at a similar rate. "

Headquartered in Gothenburg, Sweden, Volvo is controlled by China's Zhejiang Geely holding Group. The company became Sweden's second-largest listed company after it went public at the end of October, valuing it at $18 billion.

Volvo CEO Hakan Samuelsson said recently that Volvo sales this year will be close to the 2019 record of 705452 vehicles, and plans to achieve annual sales of 800000 vehicles in 2022 or 2023.

Volvo hopes to make pure electric vehicles account for half of its global sales to 600000 by 2025. The company also plans to become a pure electric car brand by 2030.