Volkswagen Group to invest €10-B in Spain

The Volkswagen Group is planning to invest €10 billion in Spain, the German automotive conglomerate announced.

On that note, Volkswagen Group Chief Executive Officer (CEO) Oliver Blume together with Seat SA President Wayne Griffiths met with Spanish Prime Minister Pedro Sánchez and Spanish Minister for Industry, Trade, and Tourism Reyes Maroto to discuss the aforementioned investment plan, which will help transform the country into an industrial hub for electric mobility.

As part of the plan, Volkswagen will electrify its car factories in Martorell and Pamplona and build a battery gigafactory in Sagunto.

“Together with the Spanish government, we are ready to transform Spain into a European e-mobility hub. The investment plan will create sustainable growth in Spain. According to our estimates, it will contribute reduce CO2 emissions by two million tons per year and boost the country’s economy by 21 billion euros. In addition, the plan will help to secure and create more than 145,000 jobs with a positive impact of over 2.4 billion euros on taxes and contributions to Spain’s social security system,” Blume said.

In order to establish a more competitive European industrial policy, the CEO of the Volkswagen Group also asked for the Spanish government's support for a balanced EU7 legislation as well as for Europe's strategic autonomy in terms of energy and the supply of raw materials and components.

Photos from Volkswagen 

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