They said the plant will be located in Zaragoza and start producing lithium iron phosphate batteries by the end of 2026.
The joint venture represents an investment of 4.1 billion euros ($4.3 billion), they said in a statement. The plant plans to be carbon neutral, apparently by making use of Spain’s ample supplies of solar, wind and water power.
The announcement comes after CATL and Stellantis agreed in November 2023 to collaborate on fabrication of batteries to help build electric cars in Europe.
European carmakers are struggling to keep up with their Chinese counterparts in electric cars, a key pillar of the green transition that the European Union is pursuing. The bloc’s 27 member states won’t be able to produce internal combustion cars after 2035.
This story is from the December 13, 2024 edition of AppleMagazine.
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This story is from the December 13, 2024 edition of AppleMagazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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