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Volkswagen to Invest $7.7B in Spanish EV Push

Published 03/23/2022, 07:42 AM
Updated 03/23/2022, 08:14 AM
© Reuters.  Volkswagen to Invest $7.7B in Spanish EV Push
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Volkswagen (DE:VOWG_p) (VWAGY (OTC:VWAGY)) announced Wednesday that the company plans to invest more than $7.7 billion in Spain. Plans include an e-mobility hub led by a battery factory in Valencia. Plans also include transforming local Martorell and Pamplona car-making facilities to start making electric vehicles.

Transforming an entire industry is a huge challenge, Thomas Schmall, VWs head of development and leader of the Seat brand, said in a statement. To be competitive in the new electric world, we now have to raise productivity in our Spanish car production.

Valencia will be Volkswagens first battery factory outside of Germany and its second overall as part of a plan to establish six plants across Europe. The battery factory will have a capacity of 40 gigawatt-hours and start output in 2026. The site will employ around 3,000 people.

By Michael Elkins

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