Volvo Car Group will invest 1.2 billion euros ($1.25 billion) to build a new manufacturing plant in Slovakia, the Sweden-based automaker said on Friday.

The new plant, Volvo's third in Europe, will exclusively build electric vehicles (EV) in line with the company's ambition to produce only EVs by the end of this decade. ($1 = 0.9573 euros) (Reporting by Terje Solsvik, editing by Gwladys Fouche)