Stellantis and CATL’s 2003 Vision Takes Shape
Stellantis and Chinese battery supplier CATL are partnered, and they plan to build a Lithium Ferrous Phosphate (LFP) battery factory in Zaragoza, Spain for $4.3 billion. The plant, which will cost 4.1 billion or equal to $4.3billion could reach up to 50 gigawatt hours (GWh) and is planned to start production before the end of 2026.
With Spain’s renewable energy sources, the plant is planned to be carbon neutral to increase the availability and use of Stellantis’ Lithium Iron Phosphate (LFP) battery products within the European market.
This partnership will help increase the manufacturing and availability of affordable battery electric vehicles (BEVs) in Europe.
This partnership comes after both players signed a non-binding memorandum of understanding memorandum in November of 2023 to provide LFP battery cells and modules to the EV manufacturing market in Europe. The Spanish authorities expressed their support for the project adding that the partnership will promote environmentally friendly automotive industry in Europe.
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This article first appeared on GuruFocus.
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Stellantis and Chinese battery supplier CATL are partnered, and they plan to build a Lithium Ferrous Phosphate (LFP) battery factory in Zaragoza, Spain for $4.3 billion. The plant, which will cost 4.1 billion or equal to $4.3billion could reach up to 50 gigawatt hours (GWh) and is planned to start production before the end of 2026.
With Spain’s renewable energy sources, the plant is planned to be carbon neutral to increase the availability and use of Stellantis’ Lithium Iron Phosphate (LFP) battery products within the European market.
This partnership will help increase the manufacturing and availability of affordable battery electric vehicles (BEVs) in Europe.
This partnership comes after both players signed a non-binding memorandum of understanding memorandum in November of 2023 to provide LFP battery cells and modules to the EV manufacturing market in Europe. The Spanish authorities expressed their support for the project adding that the partnership will promote environmentally friendly automotive industry in Europe.
Make more informed investment decisions by deep diving into Stellar‘ performance with charts, insiders, politician trading activities, screeners, guru insights and more by visiting GuruFocus now!
This article first appeared on GuruFocus.
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