Volvo Group announced it is investing $400 million over six years to upgrade its New River Valley, Virginia plant. The plan includes expansion and installation of state-of-the-art equipment. The Virginia plant currently produces all Volvo trucks sold in North America.
The investment includes a 350,000-square-foot building, as well as expansion of the existing plant. There will also be a variety of equipment upgrades, and installation of several state-of-the-art dynamometers for vehicle testing. Volvo ultimately hopes the expansion will improve plant effciency and deliver even higher product quality for customers.
The expansion is fully supported by state and city officials. Virginia Governor Ralph Northam joined the company for the big announcement, which is also eligible for further funding through a grant of up to $16.5 million and other incentives. Virginia’s Pulaski County will also support the project by granting Volvo 222 acres of adjacent property to expand the campus and provide $500,000 toward site improvements.
Through the expansion, Volvo plans to create 777 jobs over the next six years.