BRUSSELS (Reuters) – Slovakia on Monday secured EU regulators’ approval to grant 267 million euros ($289 million) in state aid to Volvo Car’s plant that aims to produce about 250,000 electric cars annually.
The Swedish-based automaker, which is majority-owned by China’s Geely Holding, 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)
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