Stellantis and CATL to invest $4.33 billion in EV battery factory in Spain

Stellantis and China's CATL will invest €4.1 billion ($4.33 billion) in a new electric vehicle battery factory in Zaragoza, Spain. They have formed a 50-50 joint venture and plan to start production by the end of 2026. The factory could have a capacity of 50 gigawatt hours, depending on the electric vehicle market and support from authorities. This project aims to enhance battery production in a region known for clean energy. Stellantis is also a major investor in another battery venture, ACC, which has begun production in France. However, the development of two other gigafactories in Italy and Germany is currently stalled due to low demand for electric vehicles.