• About us
  • Advertise
  • Contact
  • Nominate
  • Client’s Voice
  • Login
  • Register
📖 Magazine
The Global Economics
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
The Global Economics
No Result
View All Result
Home Infrastructure Transportation

Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

Volkswagen AG also declared a collaborative deal with Iberdrola, Spain’s most significant power utility

Sakshi K S by Sakshi K S
May 6, 2022
in Transportation, Funds, The Global Economics, Top Stories, Utility
Reading Time: 2 mins read
0
Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

35
SHARES
194
VIEWS
FacebookTwitterRedditWhatsAppLinkedInFacebook

German car manufacturer Volkswagen AG and partners will inject a whopping EUR 10 billion (USD 10.50 billion) to fabricate electric vehicles and batteries in Spain, the former’s chief executive stated on Thursday (5th May 2022). This implies that the investment is EUR 3 billion (USD 3.15 billion) extra than the carmaker had previously committed.

Volkswagen AG injects EV investment in Spain

Volkswagen AG also declared a collaborative deal with Iberdrola, Spain’s most significant power utility, which will establish a solar part to partially power the battery facility to be formed within the municipality of Sagunto (close to Valencia).

The Chief Executive Officer of Iberdrola, Ignacio Sanchez Galan, told reporters that the firm would inject EUR 500 million (USD 524.78 million) into the electrification strategy without giving any excess details.

Volkswagen AG stated in March 2022 that it would invest EUR 7 billion (USD 7.35 billion) to fabricate a battery plant and generate electric vehicles at its two-car factories in Spain. However, Chief Executive Officer Herbert Diess stated that the figure had been augmented to 10 billion with new-fangled partners.

At a Sagunto event, Chief Executive Officer Herbert Diess stated that the firm would electrify the second-biggest car manufacturer in Europe (Spain) with a new-fangled giga-factory of batteries and manufacturing electric cars within two plants. Diess further elucidated that the strategy was to construct a comprehensive ecosystem of suppliers, from lithium extraction to the fabrication of batteries.

Herbert Diess chatted with Spanish Prime Minister Pedro Sanchez during a visit to the site where the factory was to be fabricated.

Volkswagen AG strives to begin the fabricated 40-gigawatt-hour (GWh) plant in Q1 of 2023, with serial production to begin by 2026. By 2030, the site will hire over 3,000 staff, the firm stated.

Spain is Europe’s most colossal carmaker after Germany. The former launched a bidding procedure in April 2022 for approximately EUR 3 billion (USD 3.15 billion) in grants and loans to uplift electric vehicle (EV) production. Volkswagen AG and its Spanish unit SEAT have introduced a bid.

The firm will inject EUR 3 billion (USD 3.15 billion) into the plant in Sagunto, with an additional EUR 3 billion (USD 3.15 billion) in four SEAT factories, inclusive of the adjacent Martorell plant Barcelona, and 1 billion in Pamplona, it stated.

Volkswagen AG’s Spanish wing – SEAT, presently does not retail an electric vehicle. As a result, its Mii electric car has been sold out.

Via: Short URL
Tags: electric vehiclesIberdrolaSpainVolkswagen AG
Sakshi K S

Sakshi K S

Sakshi is a professional content writer engaging readers with gripping business news stories.

Related Posts

Evergrande Chairman Detained as Chinese Property Crisis Worsens
Real Estate

Evergrande Chairman Detained as Chinese Property Crisis Worsens

by The Global Economics
September 28, 2023
Looming US Govt Shutdown & Bitter Political Divide Threatens Economy
Economy

Looming US Govt Shutdown & Bitter Political Divide Threatens Economy

by The Global Economics
September 27, 2023
Evergrande’s Debt Struggles Shake China’s Property Stocks
Real Estate

Evergrande’s Debt Struggles Shake China’s Property Stocks

by Riya Thomas
September 25, 2023
The US Entertainment Industry Strike Nears End as Writers and Studios Reach Deal
Lifestyle

The US Entertainment Industry Strike Nears End as Writers and Studios Reach Deal 

by The Global Economics
September 25, 2023
Indonesian Parliament Approves $216 Billion State Budget
Economy

Indonesian Parliament Approves $216 Billion State Budget

by Riya Thomas
September 21, 2023
Twitter Youtube LinkedIn Soundcloud
the global economics logo

The Global Economics Limited is a UK based financial publication and a quarterly business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

DMCA.com Protection Status

  • Privacy
  • Legal
  • Terms of Use
  • Client’s Voice
  • Server Status

norton verified - the global economics

Latest Posts

Evergrande Chairman Detained as Chinese Property Crisis Worsens

Evergrande Chairman Detained as Chinese Property Crisis Worsens

September 28, 2023
Looming US Govt Shutdown & Bitter Political Divide Threatens Economy

Looming US Govt Shutdown & Bitter Political Divide Threatens Economy

September 27, 2023
Amazon to Invest $4 Billion in AI Startup Anthropic

Amazon to Invest $4 Billion in AI Startup Anthropic

September 26, 2023
Download The Global Economics PWA to your mobile or Desktop
PWA App Download
Download The Global Economics Android App to your mobile or Desktop
Android App
Download The Global Economics IOS App to your mobile or Desktop
IOS App

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

No Result
View All Result
  • About us
  • Awards
  • Magazine
  • Client’s Voice
  • Exclusive Coverage
  • Nominate
  • Login
  • Sign Up

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

Welcome Back!

Sign In with Facebook
Sign In with Linked In
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Linked In
OR

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Go to mobile version