Stock Groups

Volkswagen to Invest $7.7B in Spanish EV Push -Breaking

by Mike Robinson

[ad_1]

© Reuters. Volkswagen invests $7.7B for Spanish EV Push

Volkswagen (DE) (VWAGY, (OTC)) said Wednesday it plans to invest $7.7 million in Spain. A Valencia battery factory will be the hub for e-mobility. It is also planned to transform local Martorell or Pamplona car manufacturing facilities into electric vehicle production.

The transformation of an entire industry can be a daunting task, stated Thomas Schmall, VW’s head of development, and the leader of Seat, in a statement. Our Spanish production must be more productive in order to remain competitive in this new world of electric vehicles.

Volkswagen will open Valencia as its first European battery plant outside Germany. This is part of an overall plan to build six more plants in Europe. It will be able to produce 40 gigawatts per hour and is expected to start production in 2026. Around 3,000 people will work at the site.

By Michael Elkins

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media does not accept any liability for trade losses you may incur due to the use of these data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]