Volvo Cars has secured 119 million euros ($136 million) in financial support from Belgium authorities to secure the long-term future of its manufacturing plant in Ghent.
The automaker has signed a memorandum of understanding with both the Belgian federal government and the regional government of Flanders to strengthen the commercial competitiveness of its local plant, the company said in its July 15 release.
Included in the memorandum are industrial, innovation and ecological initiatives, as well as financing programs and measures.
Volvo added its popular electric EX30 compact SUV to Ghent’s assembly line in May 2025, claiming production of 10 different electric and hybrid Volvo models in Europe divided between Ghent and its Torslanda plant in Sweden.
Volvo also said other auto brands may be assembled at Ghent to increase production capacity at the facility and boost industrial activity in the region.
“We appreciate the engagement and support from the Belgian federal and Flanders regional governments,” said Volvo President and CEO Håkan Samuelsson. “With these necessary improvements in competitiveness, we are strengthening its future as a car plant in Belgium.”
Meanwhile, the automaker has started deliveries of its midsize electric EX60 SUV to customers in Europe and the U.S., which claims a range of up to 810 km (503 miles) and charging from 10%-to-80% in 16 minutes. The battery-powered SUV is priced in line with the company’s best-selling XC60 plug-in hybrid.
“This is a huge moment for us and our customers,” Erik Severinson, Volvo’s chief commercial officer, said in a July 16 statement. “After many thousands of hours and miles developing one of the most advanced cars on the market, seeing the first customers take delivery of their own EX60 feels especially momentous.”
Production and customer deliveries of the EX60 will ramp up in the second half of 2026, the company said.
