NIB funds Volvo Cars’ R&D in next generation EV platform

NIB and Volvo Car AB have signed an 8-year EUR 150 million loan agreement to finance research and development investments in Volvo’s next-generation electric vehicle platform, SPA3, and the development of the new EX60 model. The investment period spans 2024 to 2026.

The project supports Volvo Cars’ transition to a fully electrified product portfolio and contributes to Sweden’s national climate targets. The scalable product architecture 3 (SPA3) platform will serve as the foundation for future EV models, enabling scalable production and reducing material and manufacturing costs through advanced technologies.

“By supporting the development of scalable, software-defined EV platforms, NIB is contributing to the decarbonisation of road transport and strengthening innovation capacity in the region,” says Nicolas Audibert, Director, Industry & Real Estate of NIB.

Volvo Car AB is one of Sweden’s largest private employers and a leader in the EV transition among legacy premium car manufacturers. In 2024, 46% of its global sales were electrified vehicles, with battery electric vehicles accounting for 23%. The company aims to reach 90–100% electrified sales by 2030.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies S&P Global Ratings and Moody’s.

For further information, please contact
Nicolas Audibert, Director, Industry & Real Estate, +358 10 618 0689, Nicolas.audibert@nib.int

Arild Moen, Associate Director, Communications, +358 10 618 0496, arild.moen@nib.int