Volvo to Invest $1B in S.C. Plant

Volvo Cars is expected to double its investment in a South Carolina assembly plant that's now under construction and should open in late 2018 to produce the next generation of its S60 sedan, reports the Post and Courier.

The Swedish automaker is expected to invest $1 billion in the Berkeley County plant and hire 3,900 workers, sources told the media outlet. Volvo initially planned to invest $550 million in the new facility to produce 100,000 cars per year.

While no new production target has been announced, the Ridgeville plant would add 1,900 workers above the initial estimate. The Berkeley County Council on Monday agreed to provide $3.5 million in economic incentives for the project.

Volvo broke ground on the plant in September of 2015.