Automaker Stellantis NV and Chinese electric vehicle battery maker Contemporary Amperex Technology Co., Ltd. (CATL) announced on Tuesday that as part of their previously signed non-binding memorandum of understanding, they agreed to build a lithium iron phosphate (LFP) battery plant in Zaragoza, Spain. The two companies will invest up to €4.1 billion in the 50-50 joint venture.
The proposed facility aims to achieve an annual production capacity of 50 gigawatt-hours (GWh) and is scheduled to commence operations by the end of 2026. The completion of this transaction is anticipated in 2025, contingent upon meeting standard regulatory requirements.
"The joint venture has taken our cooperation with Stellantis to new heights, and I believe our cutting-edge battery technology and outstanding operation knowhow combined with Stellantis' decades-long experience in running business locally in Zaragoza will ensure a major success story in the industry," Chairman and CEO of CATL Robin Zeng noted.
