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


SAGUNTO, Spain (Reuters) – German car maker Volkswagen AG 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 to partly power its factory in Sagunto.

($1 = 0.9446 euros)

(Reporting by Emma Pinedo, editing by Inti Landauro)

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