Volvo Cars will build its first North American factory outside of Charleston, S.C., the company announced Monday.
The $500 million factory will build cars for domestic and export markets, with an initial capacity of 100,000 cars per year. Construction is scheduled to begin in autumn of this year, with an expected completion of 2018.
The new factory will employ 2,000 over the next 10 years, with 4,000 long term. The economic impact on the area will equate to 8,000 jobs and $4.8 billion in yearly economic output for those first 2,000 jobs, as indicated in an economic analysis by Dr. Frank Hefner at the College of Charleston.
Volvo said they chose the Berkeley County site for its proximity to international ports and skilled labor force.
The new facility will increase Volvo’s manufacturing footprint to three continents, including existing facilities in Europe and China. The added capacity is part of the company’s plan to double annual sales and increase market share.
Watch this TFLcar video review of the 2015 Volvo S60 T6:
