09. 04. 2024

The European Commission has today officially approved an investment aid in favour of Volvo Cars Slovakia that will create some 3,300 jobs in eastern Slovakia

On Monday 8 April 2024, the European Commission officially approved a state investment aid in favour of Volvo Cars Slovakia that carries out its investment in the State Industrial Park in Valaliky located near Košice. The approved aid marks a significant step in a successful implementation of the project. The investment will not only profoundly promote the development of eastern Slovakia, but will also create some 3 300 jobs in eastern Slovakia, while contributing to the transition of the Slovak automotive industry to electromobility.

„As the Minister of Economy, I am glad to see that the European Commission confirmed the provision of the investment aid. As the Deputy Prime Minister, I will make my best efforts to complete the construction of largest Industrial Park in Valaliky for this strategically important investor in eastern Slovakia – Volvo Cars Slovakia plant – in the shortest time possible. Volvo Cars Slovakia has committed to create some 3,300 new jobs. I have, therefore, appointed Mr. Norbert Faith, an expert with long experience in management and project implementation, to lead the Valaliky Industrial Park in order to make the whole process of Industrial Park preparations more dynamic and to ensure that the State can meet all the obligations it accepted upon signing the contract,” said the Deputy Prime Minister and Minister of Economy of the Slovak Republic Denisa Saková.

The European Commission approved the favourable measure after consultations lasting more than a year and a half. Slovakia notified the Commission of its plan to grant an investment aid totalling EUR 267 million. The Commission assessed the measure in question in great detail and verified its compliance with the European Union internal market and State aid rules.

Volvo Cars Slovakia carries out an investment in Valaliky in setting up a new electric car manufacture plant with the aim of producing as many as 250 000 vehicles per year. An investment by Volvo Cars Slovakia amounting to almost of EUR 1,2 billion represents one of the most significant investments in the automotive sector and at the same time, it belongs among the most important projects implemented in eastern Slovakia. The investment will make it possible to create some 3,300 direct new jobs, which will constitute an intensive impetus for the labour market in the region of Košice and also in the wider region.


Press Department of the Ministry of Economy of the Slovak Republic


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