Spain electrified as CATL and Stellantis agree gigafactory deal [Video]

A groundbreaking $4 billion joint venture has been signed in Spain as Chinese battery giant CATL and carmaker Stellantis charge ahead with a new 50GW electric vehicle (EV) plant in Zaragoza.

Construction will begin in June 2025 in Zaragoza, northeastern Spain, with the aim of making one million batteries by 2028, generating revenue of over $10 billion.

It’s a 50-50 joint venture between Chinese company CATL and multinational car manufacturer Stellantis.

The plant will manufacture lithium-ion phosphate (LFP) batteries, which experts argue are safer, pack more power, and are longer-lasting.

It’s great news for the local economy with 3,000 new jobs set to be created directly and many more indirectly.

MG to follow CATL’s lead?

Spain’s Industry Minister Jordi Hereu said that Stellantis signed the deal after an amount of Spanish state funding was agreed.

“This agreement reached for the joint venture with this leading Chinese company in battery manufacturing is a very significant step …