Geely-owned Volvo Cars has said its upcoming Mobility Innovation Destination Torslanda will be located near its headquarters in Gothenburg, Sweden.

Alongside new buildings and facilities for testing, engineering and materials, it says it plans to expand its campus in Torslanda, Gothenburg, to house start-ups and business partners.

Jim Rowan, chief executive of Volvo Cars said: “With this initiative we aim to create an ecosystem where we can develop the future of mobility – including cars, the technology inside of them and the infrastructure around them, all hand in hand.”

The next step in creating the new Mobility Innovation Destination Torslanda is to construct buildings to house modern offices just across the road from its existing campus.

Construction will proceed with a cost-effective collaboration between Volvo Cars and real estate developers Vectura Fastigheter and Next Step Group.

VCC said the additions will enhance its ongoing strategic ambitions to be fully electric by 2030 and an industry leader in new technology and sustainable mobility.

Construction is planned to start in the second quarter of 2024 and the first building is expected to be finished by 2026, in time for its one-hundred-year anniversary in 2027.

Its new battery plant by Novo, a joint venture with Northvolt, is also under construction.

In 2022, Volvo Cars also announced it would invest SEK10 billion (approximately $946 million) in its Torslanda plant for next-generation fully electric car production.