Skip to main content
Sister Publication Links
  • Automotive News
  • Automobilwoche
  • Automotive News Canada
  • Automotive News China
Subscribe
  • Subscribe
  • Newsletters
  • Login
  • HOME
    • Latest news
    • Automakers
    • Suppliers
    • New Product
    • Environment/Emissions
    • Sales By Market
    • On The Move
    • Auto Shows
    • Geneva Auto Show
    • Munich Auto Show
    • Paris Auto Show
    • Beijing Auto Show
    • Shanghai Auto Show
  • Features
    • Long Read
    • Interview of the Month
    • Focus on Electrification
    • Focus on Technology
    • Segment Analysis
    • Cars & Concepts
    • Supplier Spotlight
    • Europe By The Numbers
  • Opinion
    • Blogs
    • Commentary
    • Guest columnists
  • Photos
    • Photo Galleries
    • Geneva Photo Gallery
    • Beijing Photo Gallery
    • Frankfurt Photo Gallery
    • Paris Photo Gallery
    • Shanghai Photo Gallery
  • Europe By The Numbers
  • Car Cutaways
  • Resource Center
  • EVENTS
    • ANE Congress
    • ANE Rising Stars
    • ANE Eurostars
  • More
    • Publishing Partners
    • Social Media
    • Contact Us
    • Media Kit
    • About Us
    • Capgemini: All or nothing: Why circular business models require a holistic approach
    • Capgemini: Invent Head on automotive takeaways from CES 2023
    • Capgemini: Securing the industry's future through a radical rethink
    • Capgemini: Succeeding with the automated driving journey through AI
    • Capgemini: The circular economy is spurring new thinking on EV batteries
    • Capgemini: Toyota and Capgemini leaders on how OEMs can handle industry changes and succeed
    • HEXAGON: Plugging into data is the only way to make winning EVs
    • PUBLICIS SAPIENT: The power of post-purchase: How automakers can maximize customer lifetime value
    • TOYOTA EUROPE: Toyota Motor Europe's next-gen C-HR: sensory innovations revealed by Vehicle UX leader
    • TUV Rheinland: Ideas, services and certifications for smart mobility
    • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
    • Toyota Europe
    • UFI Filters
    • Capgemini and Renault Group: Leaders on unlocking automotive sustainability with circular economy strategies and EV battery solutions
    • Clear Channel: The automotive industry is getting EV advertising wrong
    • SENSEAUTO: Driving the future of mobility with SenseAuto: The AGI power behind the wheel
    • Facebook
    • Instagram
    • LinkedIn
    • Twitter
MENU
Breadcrumb
  1. Home
  2. Focus on Electrification
July 12, 2021 08:22 AM

Spain will invest $5B in electric vehicle production

VW's Group's Seat brand and Iberdrola will seek money from the funds.

Reuters
  • Tweet
  • Share
  • Share
  • Email
  • More
    Production of the Seat Leon in Martorell, Spain.

    Production of the Seat Leon in Martorell, Spain.

    MADRID -- Spain will invest 4.3 billion euros ($5.11 billion) to support the production of electric vehicles and batteries as part of a major national spending program financed mostly by European Union recovery funds.

    The plan, which aims to spur private investment, would include the whole production chain from extracting lithium to assembling battery cells and manufacturing electric vehicles, Prime Minister Pedro Sanchez said in a presentation on Monday.

    "It is important for Spain to react and to anticipate this transformation in Europe's automotive sector," he said, adding that the private sector could contribute a further 15 billion euros to the initiative, according to government estimates.

    Volkswagen's Group's Seat brand and utility Iberdrola have formed an alliance to work on an application for money from the funds.

    Their involvement would fit within a wider project they are planning, covering all elements of electric vehicle production from mining to battery production to the manufacturing of a finished vehicle at Seat's assembly plant outside Barcelona.

    The program could spur the creation of up to 140,000 new jobs and boost the national economy by 1 percent to 1.7 percent, the government projects.

    It aims for the number of new electric vehicles registered to reach 250,000 in 2023, a big jump from the 18,000 registered in 2020, thanks to government-sponsored initiatives to buy cleaner cars and expand charging stations.

    After Germany, Spain is Europe's second-largest auto producer and the world's eighth-largest.

    As the industry confronts a tectonic shift toward electric vehicles and greater technological integration, Spain is racing against Germany and France to overhaul supply chains and retool its manufacturing bases.

    With the new investment program, which forms part of a 13-billion euro package earmarked for sustainable mobility, Sanchez expects the sector's contribution to economic output to reach 15 percent by 2030, from around 10 percent now.

    The program will include 1 billion euros to boost charging infrastructure, Sanchez said.

    As one of the main beneficiaries of a 750 billion euro ($908 billion) EU recovery scheme, Spain will get around 70 billion euros in grants until 2026 to help revive its economy, which has been hit hard by the COVID-19 crisis.

    Related Article
    VW plans to make Cupra all-electric; turn Seat's Spanish factory into EV hub
    Spain will spend billions on fight for share of Europe's EV sector
    RECOMMENDED FOR YOU
    Renault aims to pick partner for Twingo by early 2024, with VW in the running, report says
    Recommended for You
    Renault Twingo 2026
    Renault aims to pick partner for Twingo by early 2024, with VW in the running, report says
    Huawei building
    Audi, Mercedes approached by Huawei over smart car investment, report says
    Turkey moves to counter rising tide of Chinese EV imports
    Turkey moves to counter rising tide of Chinese EV imports
    Clear channel image
    Sponsored Content: The automotive industry is getting EV advertising wrong
    Sign up for free newsletters
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    Get Free Newsletters

    Sign up and get the best of Automotive News Europe delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    SUBSCRIBE TODAY

    Get 24/7 access to in-depth, authoritative coverage of the auto industry from a global team of reporters and editors covering the news that’s vital to your business.

    SUBSCRIBE NOW
    Connect with Us
    • Twitter
    • Facebook
    • LinkedIn
    • Instagram

    Founded in 1996, Automotive News Europe is the preferred information source for decision-makers and opinion leaders operating in Europe.

    Contact Us

    1155 Gratiot Avenue
    Detroit MI  48207-2997
    Tel: +1 877-812-1584

    Email Us

    ISSN 2643-6590 (print)
    ISSN 2643-6604 (online)

     

    Resources
    • About us
    • Contact Us
    • Advertise with us
    • Advertise with Us
    • Ad Choices
    • Sitemap
    Awards
    • Rising Stars
    • Eurostars
    • Leading Women
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Automotive News Europe
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • HOME
      • Latest news
      • Automakers
      • Suppliers
      • New Product
      • Environment/Emissions
      • Sales By Market
      • On The Move
      • Auto Shows
        • Geneva Auto Show
        • Munich Auto Show
        • Paris Auto Show
        • Beijing Auto Show
        • Shanghai Auto Show
    • Features
      • Long Read
      • Interview of the Month
      • Focus on Electrification
      • Focus on Technology
      • Segment Analysis
      • Cars & Concepts
      • Supplier Spotlight
      • Europe By The Numbers
    • Opinion
      • Blogs
      • Commentary
      • Guest columnists
    • Photos
      • Photo Galleries
      • Geneva Photo Gallery
      • Beijing Photo Gallery
      • Frankfurt Photo Gallery
      • Paris Photo Gallery
      • Shanghai Photo Gallery
    • Europe By The Numbers
    • Car Cutaways
    • Resource Center
    • EVENTS
      • ANE Congress
      • ANE Rising Stars
      • ANE Eurostars
    • More
      • Publishing Partners
        • Capgemini: All or nothing: Why circular business models require a holistic approach
        • Capgemini: Invent Head on automotive takeaways from CES 2023
        • Capgemini: Securing the industry's future through a radical rethink
        • Capgemini: Succeeding with the automated driving journey through AI
        • Capgemini: The circular economy is spurring new thinking on EV batteries
        • Capgemini: Toyota and Capgemini leaders on how OEMs can handle industry changes and succeed
        • HEXAGON: Plugging into data is the only way to make winning EVs
        • PUBLICIS SAPIENT: The power of post-purchase: How automakers can maximize customer lifetime value
        • TOYOTA EUROPE: Toyota Motor Europe's next-gen C-HR: sensory innovations revealed by Vehicle UX leader
        • TUV Rheinland: Ideas, services and certifications for smart mobility
        • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
        • Toyota Europe
        • UFI Filters
        • Capgemini and Renault Group: Leaders on unlocking automotive sustainability with circular economy strategies and EV battery solutions
        • Clear Channel: The automotive industry is getting EV advertising wrong
        • SENSEAUTO: Driving the future of mobility with SenseAuto: The AGI power behind the wheel
      • Social Media
        • Facebook
        • Instagram
        • LinkedIn
        • Twitter
      • Contact Us
      • Media Kit
      • About Us