SAGUNTO, Spain -- Volkswagen Group will invest 10 billion euros ($10.6 billion) to make electric vehicles and batteries in Spain, CEO Herbert Diess said, about 3 billion euros more than it had previously committed.
VW also announced a partnership deal with Spain's largest power utility, Iberdrola, which will set up a solar park to partly power a battery cell plant to be built in the municipality of Sagunto near Valencia.
VW said in March it would invest 7 billion euros to build a battery plant and produce EVs at its two car factories in Spain, but Diess said that figure had been raised to 10 billion with new partners on board.