The Volkswagen Group and Spanish automaker SEAT S.A. announced plans to invest €10B in battery and electric vehicles (EV) in Spain, the biggest industrial investment ever made in Spain, according to Herbert Diess, Volkswagen Group CEO.
The investment will electrify Spain and Europe's second-largest automotive manufacturer, creating a battery Gigafactory, enabling EV production at the Martorell and Pamplona plants, and building up a supplier ecosystem.
The new investment is an increase from the original €7B funding for the Future Fast Forward project, announced in March by Volkswagen and SEAT S.A.
Construction of the first battery Gigafactory in in Sagunto, Spain will begin in the first quarter of 2023 and will create more than 3,000 jobs. The plant is expected to achieve an annual production capacity of 40 GWh, supplying the total volume of cells to Martorell and Pamplona, according to Volkswagen.
In addition, Volkswagen signed an agreement with the Iberdrola Group to build a photovoltaic plant in Sagunto to supply the Gigafactory with green energy.
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