Stellantis and CATL Invest €4.1 Billion in 50 GWh LFP Battery Plant in Zaragoza, Spain

Dec 10, 2024, 09:09 AM

Stellantis NV and Chinese battery giant Contemporary Amperex Technology Co. Ltd. (CATL) have announced plans to invest up to €4.1 billion ($4.33 billion) to build a large-scale lithium iron phosphate (LFP) battery production facility in Figueruelas, Zaragoza, Spain. The 50-50 joint venture aims to establish a plant with an annual capacity of up to 50 gigawatt-hours (GWh), with production slated to begin by the end of 2026. The gigafactory will be the largest battery plant in Spain, supporting Stellantis's electric vehicle (EV) expansion plans in Europe and helping to secure a local supply of LFP batteries. Spanish Prime Minister Pedro Sánchez welcomed the investment, expressing satisfaction and thanking Stellantis Chairman John Elkann and CATL Chairman Robin Zeng for their commitment to Spain's automotive industry. The partnership aims to reduce EV costs by utilizing CATL's expertise in LFP batteries and avoiding tariffs on Chinese-made batteries.