Volkswagen AG and Spanish OEM SEAT S.A will be investing €10 billion ($10.6 billion) into a huge electrification strategy in Spain, supporting the localisation of electric vehicle and battery output.
The German carmaker previously said it would invest €7 billion in constructing the battery plant and produce electric vehicles at its two existing car factories in Spain. That figure has now been raised to €10 billion with new partners on board, according to VW CEO Herbert Diess.
“We will electrify the second-largest car producer in Europe (Spain) with a new giga-factory for batteries and the production of electric cars in two plants,” Diess told an event in Sagunto, adding the plan was to create “a full ecosystem of suppliers from lithium extraction to the assembly of batteries”.
VW will also be entering into a partnership deal with Spain’s largest power utility firm Iberdrola. The Bilbao-based company plans to construct a solar park to support the battery plant set to be built in the municipality of Sagunto near Valencia.
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