CATL and Stellantis are joining forces to construct a massive battery plant in Spain, with an eye-watering investment of $4.26 billion. The plant, located in Zaragoza, will have an annual capacity of 50 GWh, solidifying CATL’s position as a leader in the battery industry.
The agreement, signed on December 10, 2024, involves CATL, its subsidiary, and Stellantis’ subsidiaries forming a 50-50 joint venture in Spain. The plant will cater to Stellantis’ needs and is set to be a game-changer in the European electric vehicle market.
Stellantis, a global automotive powerhouse, will be investing in the joint venture through its French and Spanish subsidiaries. With brands like Peugeot, Citroen, and Jeep under its umbrella, Stellantis is a major player in the industry.
On the other hand, CATL will be investing through its Luxembourg subsidiary, ensuring a strong presence in the joint venture. The JV will be controlled by CATL, with CATL Luxembourg holding a 50 percent stake, and Stellantis’ subsidiaries holding the remaining shares.
The construction of the plant is expected to take four years, with approvals needed from various authorities before commencing. Once operational, the plant will significantly boost the production capacity of electric vehicle batteries in Europe.
This partnership between CATL and Stellantis marks a significant step towards a greener future, as the demand for electric vehicles continues to rise globally. With cutting-edge technology and a massive investment, the joint venture is poised to make a significant impact on the electric vehicle market in Europe.
