Stellantis workers work at Stellantis Group’s new eDCT assembly plant for hybrid and plug-in hybrid vehicles in Turin, Italy, on April 10, 2024.
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car manufacturer star and Chinese battery giant Ningde era announced plans on Tuesday to jointly build a massive €4.1 billion ($4.3 billion) lithium iron phosphate (LFP) battery factory in Spain.
Depending on the development of the European electric vehicle market and necessary government support, the 50-50 joint venture could generate up to 50 GWh of electricity.
The facility will be built at Stellantis’ Zaragoza plant in northeastern Spain and is expected to be operational by the end of 2026.
Dodge maker Stellantis said the plant will enhance the auto giant’s “best-in-class” LFP qualifications in Europe, allowing the company to produce more high-quality and affordable pure electric passenger cars and SUVs.
At this time, European car manufacturers are facing The perfect storm of challenges On the road to full electrification, including Lack of affordable modelsslower-than-expected rollout of charging stations and US targeted tariffs.
Stellantis Chairman John Elkann said: “This important joint venture with our partner CATL will bring innovative battery production to a manufacturing site that is already a leader in clean and renewable energy. Help promote 360-degree sustainable development. explain in a statement.
Elkann also thanked Spanish authorities for their support.
Shares in Milan-listed Stellantis rose 0.2% on Tuesday morning. Shares have plummeted more than 38% so far this year.
A high-power LFP battery is displayed at the booth of Contemporary Amperex Technology Co., Ltd. (CATL) at the IAA Transportation Expo in Hannover, Germany, Monday, September 16, 2024.
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Stellantis and CATL, one of the world’s largest battery makers sign In November last year, the two parties signed a non-binding memorandum of understanding to locally supply lithium iron phosphate batteries and modules for European electric vehicle production.
Robin Zeng, chief executive and chairman of CATL, said in a statement: “I believe our cutting-edge battery technology and outstanding operational knowledge, coupled with Stellantis’ decades of experience in operating local operations in Zaragoza, , will ensure our significant success in this industry.
He added: “CATL’s goal is to popularize zero-carbon technology globally, and we look forward to cooperating with global partners through more innovative cooperation models.”
