Volkswagen boosts electric car investment in Spain to 10 billion euros

SAGUNTO, Spain :German carmaker Volkswagen AG and partners will invest 10 billion euros to make electric vehicles and batteries in Spain, its chief executive said on Thursday, 3 billion euros more than it had previously committed.

Iberdrola will invest 500 million euros in the electrification plan, its Chief Executive Officer Ignacio Sanchez Galan told reporters, without giving further details. "We will electrify the second-largest car producer in Europe with a new giga-factory of batteries and the production of electric cars in two plants," Diess told an event in Sagunto, adding the plan was to create"a full ecosystem of suppliers from lithium extraction to the assembly of batteries".

The German carmaker aims to start building the 40-gigawatt-hour plant in the first quarter of 2023, with serial production to start by 2026. By 2030, the site will employ more than 3,000 staff, Volkswagen said.

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