A Stellantis worker works inside Stellantis Group's new eDCT hybrid and PHEV assembly plant on April 10, 2024 in Turin, Italy.
Stefano Guidi | Getty Images News | Getty Images
Car maker excellent And the Chinese battery giant Cattle It announced Tuesday plans to build a large-scale lithium iron phosphate (LFP) battery joint venture worth €4.1 billion ($4.3 billion) in Spain.
The 50-50 joint venture could have a capacity of up to 50 GWh, subject to the development of the electric vehicle market in Europe and the required government support.
The facility will be built at the Stellantis site in Zaragoza, northeastern Spain, and is expected to be operational by the end of 2026.
The Dodge Stellantis maker said the plant will boost the auto giant's “best-in-class” LFP credentials in Europe, enabling the company to make more high-quality, affordable electric passenger cars and SUVs.
This comes at a time when European automakers are facing a crisis A perfect storm of challenges On the road to full electrification, including a Lack of affordable modelsThe rollout of charging points is slower than expected and likely Targeted US tariffs.
“This important joint venture with our partner CATL will bring innovative battery production to a manufacturing site that is already a leader in clean and renewable energy, helping drive a 360-degree sustainable approach,” said Stellantis Chairman of the Board of Directors, John Elkann. He said In a statement.
Elkan also thanked the Spanish authorities for their support.
Milan-listed Stellantis shares were trading 0.2% higher on Tuesday morning. The stock price is down more than 38% year to date.
Stellantis and CATL, one of the world's largest battery producers, signed a non-binding memorandum of understanding in November 2023 for the local supply of LFP battery cells and modules for electric vehicle production in Europe.
Martin Schott | Photo Alliance | Getty Images
Stellantis and CATL, one of the world's largest battery producers, I fell A non-binding memorandum of understanding in November last year to supply local LFP battery cells and modules for electric vehicle production in Europe.
“I believe our cutting-edge battery technology and outstanding operational know-how combined with Stellantis’ decades of experience running business locally in Zaragoza will ensure a major success story in the industry,” Robin Zheng, CEO and chairman of CATL, said in a statement. statement.
“CATL’s goal is to make zero-carbon technology available worldwide, and we look forward to collaborating with our partners globally through more innovative collaboration models,” he added.
