Stellantis, CATL Form 50:50 Venture for €4.1B, 50GWh EV Battery Plant in Spain

Dec 10, 2024, 08:47 AM

Stellantis NV and China's CATL have agreed to form a 50:50 joint venture to invest up to €4.1 billion ($4.3 billion) in constructing a large-scale lithium iron phosphate (LFP) electric vehicle battery plant in Figueruelas, Zaragoza, Spain. The factory is expected to have an annual production capacity of up to 50 gigawatt-hours (GWh) and is scheduled to begin production by the end of 2026. This project represents a significant expansion of CATL's presence in Europe and aims to circumvent tariffs on Chinese batteries. The investment will establish the largest battery plant in Spain and is anticipated to create numerous employment opportunities, reinforcing Stellantis's electric vehicle strategy in the region.