The companies said Friday they’ll set up a research facility in Gothenburg, Sweden next year that will sustain “a few hundred” jobs. They’ll decide on a specific location for their battery factory in the region early 2022.
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Volvo Cars has gained more than a third since its October trading debut in Stockholm as investors bought into the company’s turnaround and promise of an electric future. The carmaker owned by China’s Zhejiang Geely Holding Group Co. plans to sell only fully electric vehicles by the end of this decade — up from 4% of shipments in the three months trough September.
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