Volkswagen plans to spend 10 billion euros to create electric vehicles and batteries in Spain.
Volkswagen, with its partners, will be investing €10 billion ($10.6 billion) to produce electric vehicles and batteries in Spain. They previously committed €3 billion to this project.
VW announced its partnership with Iberdrola, Spain’s largest power utility, which will set up a solar park to partly power the battery plant to be built in the municipality of Sagunto near Valencia. Iberdrola CEO Ignacio Sanchez Galan said that it will invest €500 million on the electrification plan.
Herbert Deiss, the Volkswagen CEO, said at an event in Sagunto: “We will electrify the second-largest car producer in Europe (Spain) with a new giga-factory of batteries and the production of electric cars in two plants,” adding the plan was to create “a full ecosystem of suppliers from lithium extraction to the assembly of batteries” – as reported by Reuters.
Last March, VW said that it would invest €7 billion in building a battery plant and producing electric vehicles in its two-car factories in Spain. However, it was raised to €10 billion with new partners.
Volkswagen targets to build the 40-GWh plant in the first quarter of 2023 and start serial production in 2026.
