3 Billion Euros! Volkswagen Super Factory Landed in Spain
May 11, 2022
3 Billion Euros! Volkswagen Super Factory Landed in Spain
Volkswagen Group and Seat (SEAT) have announced that they will jointly invest 10 billion euros ($10.6 billion) with their partners to make Spain an electric mobility hub in Europe. The funding, described as the largest single industrial investment in Spain's history, is the bulk of a new 3 billion euro ($3.2 billion) lithium-ion battery gigafactory in Sagunt, near Valencia. The Volkswagen Group plans to build six 40gwh-class battery super factories in Europe by 2030, ensuring that the local production of batteries reaches 240gwh. The Spanish Gigafactory is the third Gigafactory after Sweden and Germany, with the remaining three to be announced at a later date.
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