GREENSBORO, N.C. — The Volvo Group will invest $400 million over six years to upgrade the New River Valley, Va., plant that produces all Volvo trucks sold in North America, the company announced on Friday.
The plan includes expansion of the industrial footprint and installation of a variety of state-of-the-art equipment that will improve plant efficiency and deliver even higher product quality for customers, it said.
The investment will create 777 new jobs.
“The outstanding product line currently produced at NRV has strongly positioned Volvo Trucks for the future,” said Peter Voorhoeve, president of Volvo Trucks North America.
“This investment is another sign of our confidence in that future, and will help us prepare for even more exciting products – powered by both diesel and electric drivetrains – in the coming years.”
The expansion will be eligible for a Virginia Major Employment and Investment grant of up to $16.5 million and other incentives, the company said.
Virginia’s Pulaski County will support the project by granting Volvo 222 acres of adjacent property to expand the campus, and providing $500,000 toward site improvements.