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Volkswagen to invest 10 billion euros to make electric vehicles in Spain -Breaking

by Mike Robinson

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© Reuters. The VW brand is seen on the ID. Buzz, a contemporary tackle the long-lasting automobile of the Volkswagen model, throughout its world premiere in Paris, France, March 9, 2022. REUTERS/Benoit Tessier

SAGUNTO, Spain (Reuters) – German automobile maker Volkswagen AG (OTC:) plans to take a position 10 billion euros ($10.59 billion) to make electrical autos and batteries in Spain, its Chief Govt Herbert Diess mentioned on Thursday.

“We are going to electrify the second-largest automobile producer in Europe with a brand new giga-factory of batteries and the manufacturing of electrical vehicles in two vegetation and the creation of a full ecosystem of suppliers from lithium extraction to the meeting of batteries,” Diess informed an occasion in Sagunto close to Valencia.

The corporate will even arrange a photo voltaic park with Spain’s energy utility Iberdrola (OTC:) to partially energy its manufacturing unit in Sagunto.

($1 = 0.9446 euros)

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