William Malcolm

Volkswagen To Invest €35 Million In Slovakia Plant

Volkswagen plans to invest EUR 35 million to upgrade its plant in Martin, Slovakia. The plant manufactures parts for the companies electric vehicles. In connection with the investment, the company also applied for tax relief for EUR 5.04 million.

Volkswagen will also introduce new production technologies to expand production at the Martin plant, where the company employs more than 800 people. The factory produces components for gearboxes and chassis. According to the Slovak Ministry of Economy, Volkswagen will move 162 current workers into new production jobs. The company will also create 18 new jobs in the region, where the unemployment rate is below the national average.

In its other Slovak factory on the outskirts of Bratislava, Volkswagen produces sports-utility vehicles (SUVs) as well as small city cars, including the electric Citroen iV. The Karoq SUV will begin assembling this year.

The automotive industry is one of the main drivers of the economy of Slovakia, which is per capita the largest car manufacturer in the world. In addition to Volkswagen, Jaguar Land Rover, Kia Motors, and PSA have factories in the country near the Tatra Mountains.