{"id":46166,"date":"2024-04-10T11:31:08","date_gmt":"2024-04-10T10:31:08","guid":{"rendered":"https:\/\/www.innovationnewsnetwork.com\/?p=46166"},"modified":"2024-04-10T11:31:08","modified_gmt":"2024-04-10T10:31:08","slug":"eu-approves-e267m-funding-for-volvo-ev-production-plant","status":"publish","type":"post","link":"https:\/\/www.innovationnewsnetwork.com\/eu-approves-e267m-funding-for-volvo-ev-production-plant\/46166\/","title":{"rendered":"EU Commission approves \u20ac267m funding for Volvo EV production plant"},"content":{"rendered":"<h2>The European Commission has announced approval of \u20ac267m state aid funding for a Volvo EV production plant in Slovakia.<\/h2>\n<p>The new Volvo EV plant will help supplement the EU&#8217;s electrification targets and will be situated in Valaliky near Ko\u0161ice, Eastern Slovakia. Alongide the funding, Volvo will also invest \u20ac1.2bn in the project.<\/p>\n<p>The sizeable funding will enable Volvo to expand its EV operations and bolster the EU&#8217;s objectives of creating skilled jobs, regional development, and supporting the <a href=\"https:\/\/commission.europa.eu\/strategy-and-policy\/priorities-2019-2024\/european-green-deal_en\" target=\"_blank\" rel=\"noopener\">European Green Deal.<\/a><\/p>\n<h3>Strengthening Volvo EV production<\/h3>\n<p>Volvo&#8217;s latest EV plant marks the company&#8217;s third facility in Europe. The plant is estimated to create around 3,300 direct jobs and additional indirect jobs throughout the <a href=\"https:\/\/www.innovationnewsnetwork.com\/closing-the-loop-in-the-ev-supply-chain-from-battery-recycling-to-pcam\/40548\/\">EV supply chain<\/a>.<\/p>\n<p>The Volvo EV plant will initially <a href=\"https:\/\/www.innovationnewsnetwork.com\/eib-funds-e420m-to-support-fully-electric-volvo-car-range\/41527\/\">produce approximately 250,000 electric vehicles<\/a> annually, with the project expected to provide sustainability benefits through becoming carbon-neutral from the start of production.<\/p>\n<h3>Meeting EU criteria<\/h3>\n<p>Valaliky is a region eligible for regional aid under\u00a0<a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/ALL\/?uri=CELEX%3A12008E107\" target=\"_blank\" rel=\"noopener\">Article 107(3)(a)<\/a>\u00a0of the Treaty on the Functioning of the EU (TFEU).<\/p>\n<p>The area is also identified as a <a href=\"https:\/\/commission.europa.eu\/funding-tenders\/find-funding\/eu-funding-programmes\/just-transition-fund_en\" target=\"_blank\" rel=\"noopener\">Just Transition Fund<\/a>\u00a0territory, which is an area most negatively impacted by the climate transition.<\/p>\n<p>Following its assessment, the EU Commission concluded that the Volvo EV plant is poised to foster job creation, drive economic development, and enhance competitiveness within a disadvantaged area.<\/p>\n<p>They found that the subsidy acts as an incentive, as the beneficiary would likely opt for an alternative location outside the European Economic Area without public support.<\/p>\n<p>Its impact on competition and trade within the EU is deemed minimal, and establishing Volvo Car Slovakia&#8217;s new production plant is considered essential and appropriate, contributing to regional development.<\/p>\n<p>The Commission stated that aid is proportionate and confined to the minimum necessary to stimulate investment in Eastern Slovakia, adhering to the maximum permitted aid amount based on the <a href=\"https:\/\/competition-cases.ec.europa.eu\/cases\/SA.109293\" target=\"_blank\" rel=\"noopener\">Slovak regional aid map<\/a>.<\/p>\n<p>The EU&#8217;s support for the Volvo EV plant highlights the initiative&#8217;s importance in driving European electrification while bolstering economic growth in Eastern Slovakia, a move that will no doubt accelerate the European EV transition.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The European Commission has announced approval of \u20ac267m state aid funding for a Volvo EV production plant in Slovakia.<\/p>\n","protected":false},"author":15,"featured_media":46167,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[24425],"tags":[24163],"acf":[],"yoast_head":"\n<title>EU approves \u20ac267m funding for Volvo EV production plant<\/title>\n<meta name=\"description\" content=\"The European Commission has announced approval of \u20ac267m state aid funding for a Volvo EV production plant in Slovakia.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.innovationnewsnetwork.com\/eu-approves-e267m-funding-for-volvo-ev-production-plant\/46166\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta 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