A Giant Leap for Electric Vehicle Industry

Stellantis NV, a leading automaker, and Contemporary Amperex Technology Co., Ltd. (CATL), a prominent Chinese electric vehicle battery manufacturer, have announced a significant joint venture. This partnership aims to construct a lithium iron phosphate (LFP) battery plant in Zaragoza, Spain, as part of their previously signed non-binding memorandum of understanding.

The two companies plan to invest up to €4.1 billion in this 50-50 joint venture. The proposed facility is set to achieve an annual production capacity of 50 gigawatt-hours (GWh) and is scheduled to commence operations by the end of 2026. The completion of this transaction is anticipated in 2025, contingent upon meeting standard regulatory requirements.

CATL's Chairman and CEO, Robin Zeng, expressed optimism about the venture, stating, "The joint venture has taken our cooperation with Stellantis to new heights, and I believe our cutting-edge battery technology and outstanding operation knowhow combined with Stellantis' decades-long experience in running business locally in Zaragoza will ensure a major success story in the industry."