Right place, Right time Just scrolling through today's news on SeekingAlpha, found these 2 items about battery investment:
Volkswagen (
OTCPK:VWAGY -1.5%) will
invest over $7.7B in Spain, along with external suppliers throughout the e-mobility value chain.
VWAGY plans to set up an electric vehicle (EV) cell factory in Valencia, with planned annual production capacity of 40 GWh, creating over 3K jobs.
The plans are part of VWAGY's 'Future Fast Forward' program, which aims to transform Spain into a European e-mobility hub.
VWAGY will apply to the Spanish govt.'s
Strategic Project for Economic Recovery and Transformation (PERTE) program, which aims to develop an ecosystem for manufacturing EVs.
"To be ready to start production in 2026, construction of the plant should begin by the end of the year. The first milestone must be the positive outcome of the PERTE submission and finalized permits," said VWAGY in a statement.
The investment would be the largest industrial investment in Spanish history, noted Wayne Griffith, president of VWAGY unit SEAT.
VWAGY plans to build 6 Gigafactories in Europe with an annual capacity of 240 GWh together with partners. To speed up the roll-out of these factories, VWAGY founded a European corporation for cell development and manufacturing, and keeps the option open to integrate partners or investors.
Blueprint for the planned factories will be the Salzgitter plant in Germany, which starts production in 2025.
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- Stellantis (NYSE:STLA) along with its partners plans to support Automotive Cells company's (ACC) growth plans by transforming the former's existing Termoli plant in Italy to a new battery facility and finalizes the agreement to add Mercedes-Benz as a new, equal partner with TotalEnergies/Saft and Stellantis.
- The partners have also committed to increase ACC’s industrial capacity to at least 120 gigawatt hours by 2030 and to scale up development and production of next-generation high-performance battery cells and modules.
- Under the company's Dare Forward 2030 strategic plan, it plans to have global annual battery electric vehicle sales of 5M vehicles by 2030; Stellantis also increased planned battery capacity by 140 GWh to ~400 GWh which will be supported by five gigafactories together with additional supply contracts.