Volvo Trucks, a division of Sweden-based Volvo, has opened a new battery plant in Ghent, Belgium. The facility will supply ready-to-install batteries for the company’s’ full electric heavy-duty trucks.

Commenting on the investment, Roger Alm, president of Volvo Trucks, explained in a company press release: “This investment shows our strong commitment to electrifying truck transportation. By 2030, at least 50% of all trucks we sell globally will be electric and by 2040 we will be a carbon-neutral company.” He added: “By integrating the battery assembly process in our production flow, we can shorten lead times for our customers and secure high-performing batteries, while at the same time increase circularity.”

A report from market analysis group IHS Markit showed that Volvo Trucks was the market leader for heavy all-electric trucks in Europe in 2021 with a market share of 42%.

Volvo Trucks started manufacturing electric trucks in 2019 and has built a strong customer base in Europe and North America. The company operates from 13 production facilities worldwide and manufactured approximately 123,000 trucks in 2021.