BEIJING (dpa-AFX) - Stellantis NV (STLA), a Dutch automotive maker, and Contemporary Amperex Technology Co., Ltd or CATL, a Chinese battery firm, announced on Tuesday that they have inked a deal to invest up to 4.1 billion euros to form a 50:50 joint venture or JV.
The JV will build a large-scale lithium iron phosphate or LFP battery plant in Zaragoza, Spain.
The JV will boost Stellantis' LFP offer in Europe enabling it to offer more high-quality, durable, and affordable battery-electric vehicles.
The carbon-neutral battery plant will be implemented in several phases and investment plans.
The transaction is expected to be closed in the course of 2025.
Targeted to start production by end of 2026 at Stellantis' Zaragoza site, the facility could reach up to 50 GWh capacity.
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