According to the Financial Associated Press (Shanghai, editor Shi Zhengcheng), Volkswagen Group and its SEAT brand announced on Wednesday that they will invest more than 7 billion euros in Spain to lay out the electric vehicle industry chain, with the focus on the super battery factory in Valencia.
(Source: Company's official website)
Wayne Griffith, chairman of the SEAT Group, said in a statement that the more than 7 billion euros mobilized by Volkswagen and SEAT for the plan, the largest single industrial investment in Spanish history, has the potential to transform the Spanish automotive industry. Thomas Schmall, director of the Volkswagen Group, said that the entire investment project not only includes the Valencia super battery factory, but also shoulders the responsibility of transforming the Matorell and Pamplona plants into electric vehicle production bases.
According to the current project plan, the Valencia battery plant also has a capacity of 40 GWh and is scheduled to start production in 2026, according to this schedule, construction work will need to start this year. In addition to the Swedish battery maker Northvolt, which the company invested in, the company's previously officially announced Salzgitter plant is expected to be put into operation in 2025. In the overall battery production plan, Volkswagen plans to expand its production capacity to 240 GWh in 2030.
Volkswagen had previously announced that it would invest 52 billion euros in the development and production of electric vehicles over a five-year period, which is the largest effort in the entire automotive industry to date. Interestingly, Volkswagen has also previously stated that it is open to the spin-off and listing of the battery business.
On Monday, Volkswagen Group (China) also announced the signing of a memorandum of understanding with Huayou Cobalt and Tsingshan Group to establish a joint venture with the latter in Indonesia and Guangxi. Among them, Indonesia's joint venture company plans to build a scale that can meet the supply of nickel and cobalt raw materials required for about 160GWh batteries.