The other part of the investment is a second production line and Volvo Car University.
The battery pack production facility should be completed in 2021, just in time for the first all-electric model that will be produced at the Ridgeville plant for global markets from 2022.
It will be an all-electric Volvo XC90 - the upcoming third generation of the model, based on an upcoming second-generation Scalable Product Architecture platform (SPA2).
Currently, the XC90 is offered as an ICE and a PHEV with all-electric range of up to 18 miles (29 km).
The first series-produced all-electric Volvo, the Volvo XC40 Recharge will enter the market by the end of this year.