Stellantis, CATL Invest €4.1 Billion in Spain Battery Plant

Stellantis and Chinese battery maker CATL have announced a joint investment of up to €4.1 billion ($4.33 billion) to establish a lithium iron phosphate (LFP) battery plant in Zaragoza, Spain, set to start production by the end of 2026. The facility aims for a production capacity of 50 gigawatt-hours, contingent on the electric vehicle market in Europe and support from local and EU authorities. This 50-50 joint venture will enhance Stellantis's electric vehicle offerings and support its Dare Forward 2030 strategic plan. The investment is part of a broader strategy to bolster battery production capabilities in Europe amid growing demand for electric vehicles. Both companies are looking to leverage this collaboration to meet customers' needs for advanced battery technology and contribute to global climate initiatives. The project is still subject to necessary regulatory approvals from various governments.