Slovakia has received approval from the EU regulatory authorities to grant state aid for a Volvo Cars plant. This allows the EU state to provide 267 million euros for the plant’s construction. The Swedish car manufacturer is majority-owned by the Chinese Zhejiang Geely Holding. Geely had announced plans for a 1.2 billion euro EV plant in Slovakia in 2022. The plant is expected to manufacture around 250,000 electric cars annually.