Fiat and Vauxhall owner Stellantis NV (NYSE:STLA, EPA:STLA) and China's CATL are investing €4.1 billion in a batter plant in Zaragoza, northern Spain, with production set to begin by late 2026.
The 50-50 joint venture aims to achieve a capacity of up to 50 gigawatt hours, contingent on market demand and government support.
Stellantis chairman John Elkann highlighted the innovative nature of the project and its alignment with clean energy initiatives, expressing gratitude for Spanish government backing.
CATL's CEO Robin Zeng met with Spain’s Prime Minister Pedro Sanchez to discuss the project.