Volkswagen to invest 10 billion euros to make electric vehicles in Spain By Reuters

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© Reuters. The VW logo is seen on the ID. Buzz, a fresh take on the iconic vehicle of the Volkswagen brand, during its world premiere in Paris, France, March 9, 2022. REUTERS/Benoit Tessier

SAGUNTO, Spain (Reuters) – German car maker Volkswagen AG (OTC:) plans to invest 10 billion euros ($10.59 billion) to make electric vehicles and batteries in Spain, its Chief Executive Herbert Diess said on Thursday.

“We will electrify the second-largest car producer in Europe with a new giga-factory of batteries and the production of electric cars in two plants and the creation of a full ecosystem of suppliers from lithium extraction to the assembly of batteries,” Diess told an event in Sagunto near Valencia.

The company will also set up a solar park with Spain’s power utility Iberdrola (OTC:) to partly power its factory in Sagunto.

($1 = 0.9446 euros)

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