On Monday 8 April, the European Commission announced that it had approved a €267 million Slovakian measure in favour of Volvo Cars in the form of investment aid to support the creation of a new production plant for electric passenger vehicles in Valaliky (Slovakia).
The aid will take the form of direct grants totalling around €267 million. Volvo Cars will invest €1.2 billion in the new plant.
According to the Commission, the plant is expected to have an initial production capacity of around 250,000 electric vehicles a year, and to generate 3,300 direct and indirect jobs.
Valaliky is located in an area eligible for regional aid under Article 107(3)(a) of the Treaty on the Functioning of the EU, which allows aid to facilitate the development of certain economic activities or of certain economic areas to be authorised under certain conditions. Valaliky is also located in an area covered by the Just Transition Fund. (Original version in French by Émilie Vanderhulst)