Volvo’s $500 million investment landed in Berkeley County close to Charleston. The new factory is set to produce around 100,000 cars annually, employing up to 4,000 people in the long term.
Those eager to buy American-made Volvos ever since the Canadian operations got shut down only have to wait until 2018. Volvo’s new South Carolina plant will produce both for the North American market and for export, while US sales are expected to reach “at least 100,000 units in the medium term.”
The decision to choose Berkeley County was taken as a result of its easy access to international ports and infrastructure, a well-trained labour force, attractive investment environment and experience in the high tech manufacturing sector.
Volvo Cars estimates that the plant will employ up to 4,000 people in the longer term. It has been estimated that the multiplier effect of a car plant means that it can create between 5 and 7 new jobs for every job at a plant. On top of that, factories have beneficial effects on many more aspects of the local economy, from taxation income to consumer spending.
Construction will begin in early autumn 2015, with the first vehicles expected to roll off the assembly line in 2018. Just in time for the new S60/V60!
Just so you know, $500,000,000 equals to about 3,103,586,006 Chinese Yuan at the moment.
Photo credit: Getty Images and AP
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