Technology
Volkswagen will construct electric vehicle production hub in Spain with over 7 billion euros
According to the latest report, Volkswagen Group and its Seat brand announced that they will invest more than 7 billion euros in the layout of the electric vehicle industry chain in Spain, the focus of which will be the super battery factory in Valencia.
Join tip3x on Telegram
Seat Group Chairman Wayne Griffith said in a statement that the more than 7 billion euros of funds mobilized by Volkswagen Group and Seat for this plan is also the largest single industrial investment in Spanish history and has the potential to transform the Spanish auto industry.
According to Thomas Schmall, director of Volkswagen Group, the entire investment project not only includes the Valencia super battery factory but also shoulders the important task of transforming the Martorell and Pamplona factories into electric vehicle production bases.
In addition to the Swedish battery manufacturer Northvolt, which the company has invested in, the company’s previously announced Salzgitter plant is expected to start production in 2025. In the overall battery production plan, Volkswagen plans to expand its production capacity to 240 GWh in 2030.
Furthermore, Volkswagen has previously announced that it will invest 52 billion euros in the development and production of electric vehicles over five years, which is also the largest investment in the entire auto industry to date. Interestingly, Volkswagen has also stated that it is open to the spin-off of the battery business.
It is worth mentioning that Volkswagen will sign two memorandums of understanding on strategic cooperation with Huayou Cobalt and Tsingshan Group. Nickel and cobalt supply in the automotive market.