Sen. Tim Kaine, D-Virginia, visited Volvo Trucks' New River Valley plant Thursday. He discussed the impact the Inflation Reduction Act will have on the company and Virginia.
The New River Valley plant produces the Volvo VNR Electric. It's home to 3,600 employees and is the largest Volvo Trucks manufacturing facility in the world. The electric truck is an integral part of Volvo reaching its goal of 35% of global vehicle sales being fully electric by 2030.
Volvo Trucks took the first customer orders for the Volvo VNR Electric in December 2020 and commercial production started in 2021. The next generation Volvo VNR Electric is now open for order.
Volvo Trucks North America has been certified by the IRS to qualify for the Inflation Reduction Act's Commercial Clean Vehicle Credit. A battery electric truck can qualify for a $40,000 tax credit.