Volkswagen group announces $3.2B Gigafactory in Spain
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Volkswagen group announces $3.2B Gigafactory in Spain.

The Volkswagen Group and SEAT will invest $10.6 billion to make Spain a European hub for electric mobility.

Volkswagen Group will invest $3.2B to make a new lithium-ion battery gigafactory in Sagunt near Valencia, Spain. The gigafactory will supply battery cells to local EV plants.

The gigafactory in Spain (confirmed in 2021) will be Volkswagen’s third after the one in Sweden (with Northvolt) and one in Germany. Volkswagen will announce three more gigafactories in Europe.

Like the other two, the plant in Sagunt will have a manufacturing capacity of 40 GWh/year. The construction will start in Q1 2023, and the plant will start production by 2026.

The Volkswagen Group intends to build six 40 GWh battery gigafactories in Europe to secure up to 240 GWh of locally produced batteries by 2030.

The battery plant will be powered by electricity from renewable sources. A major agreement with Iberdrola will result in a new photovoltaic plant (250 hectares) located less than 10 km from the battery factory.

Read Here: EV fast charging market will reach $10+B by 2031.

Volkswagen group announces $3.2B Gigafactory in Spain

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