Volvo Cars secures up to €119m support package for Ghent plant

On 15 July 2026 Volvo Cars, the Flemish government and the Belgian federal government signed a letter of intent: a support package of up to €119 million (incl. €30m for energy efficiency/circular production, up to €80m innovation funding over 10 years, €9m for training); in return Volvo commits to investing in its Ghent plant (approx. 6,500 employees). Contract manufacturing for other Geely brands (Polestar, Lynk & Co, Zeekr) is also being considered to secure the site as an EV hub.