Tyrol: Luxury car maker creates jobs with new electric car

The Austrian luxury car maker is adding 500 jobs to increase production

Tyrol, Austria - Tyrol, a boutique luxury car maker, will expand production of its electric sports car due to soaring demand, creating 500 jobs at its Austrian factory.

Tyrol will invest €250 million ($253 million) to meet demand for the EF7, an electric sports car that has sold more than 8,000 units since its launch last year.

The new jobs will be in production, engineering, and administration. Tyrol currently employs about 1,500 people at its factory in Graz, Austria.

Tyrol's decision to expand production is a sign of the growing demand for electric vehicles. The company is joining a growing number of automakers that are investing in electric vehicles, including Tesla, Volkswagen, and General Motors.

The global electric vehicle market is expected to grow significantly in the coming years. According to a report by MarketWatch, the global electric vehicle market is expected to grow from 3.1 million units in 2020 to 14.6 million units by 2025.

Tyrol is hoping to capitalize on this growth by expanding its production capacity. The company is also planning to launch new electric vehicle models in the coming years.

The new jobs will be a boost to the economy of Tyrol. The company is expected to create about 500 new jobs in the region.

The investment is also a sign of the growing importance of the automotive industry in Tyrol. The region is home to a number of automotive manufacturers, including Magna Steyr and AVL.