This morning in metals news: Volvo plans to expand its electric vehicle production in South Carolina; U.S. import prices increased by 1.1% in May; and, lastly, Ford Motor Co. says Q2 2021 EBIT will come in higher than its expectations.
More MetalMiner is available on LinkedIn.
Volvo to expand EV production in South Carolina
Automaker Volvo said it plans to invest in the expansion of electric vehicle production at its Ridgeville, South Carolina plant.
Volvo will invest an additional $118 million to build the Polestar 3 for its affiliate, Polestar Cars. Volvo and Geely Holding launched Polestar, the Swedish electric performance brand, in 2017.
Currently, the Ridgeville plant produces the Volvo S60 luxury sedan for the U.S. and export markets.
U.S. import prices rise in May
U.S. import prices rose by 1.1% in May, the Bureau of Labor Statistics reported.
The rise follows a jump of 0.8% in April.