The multinational automotive group Stellantis and the Chinese manufacturer CATL announced on Tuesday that they will invest 4.1 billion euros in a factory for the production of batteries for electric cars in Zaragoza, Spain. TASR informs about it based on AFP and Reuters reports.
They created a joint venture for the project, in which each of the companies has an equal share of 50%. They expect to start production by the end of 2026.
Dependence on market development
The capacity of the plant could reach 50 gigawatt hours, depending on the development of the electric vehicle market in Europe and the support of the European and Spanish authorities.
The joint venture will bring “innovative battery production to the Spanish plant, which is already a leader in clean and renewable energy,” said Stellantis chairman John Elkann. He also thanked the Spanish authorities for their support.
Robin Zeng, Chairman and CEO of CATL, was in Madrid on Monday (9/12) where he met with Prime Minister Pedro Sánchez.
Gigafactory in France
Stellantis is also the largest investor in the battery joint venture ACC, which it owns with Germany’s Mercedes and French oil company ToatalEnergies. ACC has started production at a gigafactory in France, while the development of two other large factories in Italy and Germany has stalled due to weak demand for electric vehicles.
