NewsThe automotive giant will establish a battery factory with a $4 billion investment.

The automotive giant will establish a battery factory with a $4 billion investment.

The automotive giant will establish a battery factory with a $4 billion investment.

10.12.2024 14:01

The automotive giant Stellantis and the Chinese manufacturer CATL announced that they will establish a $4.3 billion factory in Spain to produce electric vehicle batteries. The companies aim to start production at the facility in the city of Zaragoza by the end of 2026.

Stellantis and Chinese manufacturer CATL stated that "depending on the development of the electric market in Europe and the continuous support of authorities in Spain and the European Union, it could reach a capacity of up to 50 GWh."

The two companies signed an agreement in 2023 to produce battery components to be used in the production of electric vehicles in Europe. CATL General Manager Robin Zeng met with Spanish Prime Minister Pedro Sanchez on Monday evening before the announcement of the 4.1 billion euro agreement.

SPAIN LEADING IN AUTOMOTIVE

According to the European Automobile Manufacturers Association, Spain is taking on an increasingly important role in European vehicle production by producing 1.87 million cars in 2023, becoming the second largest producer in Europe after Germany.

Founded in 2011 in the city of Ningde in eastern China, CATL produces more than a third of the electric vehicle batteries sold worldwide. The company has two factories in Germany and Hungary.

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