Spain electrified as CATL and Stellantis agree gigafactory deal

CGTN Europe

A groundbreaking $4bn dollar joint-venture has been signed in Spain as Chinese battery giant CATL and carmaker Stellantis charge ahead with a new 50GW electric vehicle (EV) plant in Zaragoza.   CGTN’s Ken Browne reports from Madrid.    #Spain #China #EVs

Transcript

00:00A million batteries in 2028, that's the aim for the Gigafactory set to be built in Zaragoza, North-Eastern Spain.

00:08It's a 50-50 investment between Chinese company CATL and multinational car manufacturer Stellantis.

00:16Safer, stronger and longer lasting Lithium-Ion-Phosphate or LFP batteries will be made in the plant, creating 3,000 new jobs.

00:26This agreement, reached for the joint venture with this leading Chinese company in battery manufacturing,

00:35is a very significant step in the strategy for electrification and the transformation of the automotive industry.

00:43The European EV market was worth $6.5 billion in 2023 and is set to be worth $10.5 billion inside the next 10 years.

00:53This CATL factory is good news economically, with job creation and environmentally, helping us accelerate towards a cleaner, greener future.

01:04CATL is the king of electric car batteries with 30% of the global market. It's Tesla's biggest supplier.

01:12While Stellantis has some big names in its portfolio like Alfa Romeo, Chrysler, Maserati and Peugeot.

01:20China became the world's top exporter in 2023, surpassing Japan and its companies are expanding fast.

01:28It's good that they also come to Europe. And we've seen this successfully for 40 years in China,

01:38where we have joint ventures between European and Chinese companies in China.

01:43So doing it the other way around, but hopefully as successful as it was in the last 40 years.

01:50The EU has ambitious goals to cut CO2 emissions from cars by 55% by 2030.

01:57And this new gigafactory can help meet those targets, with construction set to begin in June 2025.

02:05For Spain, hopes are high that Chinese carmaker MG is also going to choose Zaragoza as a site for its first European factory,

02:13thanks to the close relationship between CATL and MG.

02:17Ken Brown, CTTN, Madrid.

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