Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Swedish automaker Volvo Cars plans to increase electric vehicle (EV) production to 60pc of the total capacity at its plant in Ghent, Belgium owing to strong EV demand in Europe during H2 2020.


The Ghent facility, which has the capability to produce more than 200,000 units per year, will ramp up its EV output to about 120,000 units by 2022 to cope with expected demand, as well as its second EV launch in 2021, Volvo indicated in a press release on Thursday.


Volvo’s only fully-electric car, the XC40 Recharge accounted for 29pc of the company’s European sales in the second half of the year.  


In 2020, Volvo sold 661,713 units globally, down 6.2pc over 2019. Full-year sales in China and the US rose by 7.5pc and 1.8pc to 166,617 units and 110,129 vehicles, respectively, against 2019 sales. However, a 15.5pc decline in EU sales was noted due to multiple COVID-19 related shutdowns in the region last year. 


During H2 2020, the company sold 391,751 units worldwide, up 7.4pc over H2 2019. Volvo, now a subsidiary of Chinese firm Geely, plans to increase its EV sales to 50pc of total global sales by 2025.

Leave a Reply

Your email address will not be published.