Stellantis and CATL announced they have reached an agreement to invest up to €4.1 billion to form a joint venture that will build a large-scale European lithium iron phosphate (LFP) battery plant in Zaragoza, Spain.

The companies said production is planned to start by end of 2026 and the plant could reach 50 gigawatt hours of capacity.

Joint venture to build an all-new lithium iron phosphate (LFP) battery plant at Stellantis' Zaragoza, Spain site • Production is

Chinese electric vehicle giant CATL has plans to set up a battery joint venture with Stellantis in Spain, according to a CATL stock filing on Tuesday. The JV in Spain's Zaragoza is estimated to have investment totalling 4.

Chinese electric battery company CATL and automaker Stellantis will build a major battery factory in northern Spain, the partners announced Tuesday. They said the plant will be located in Zaragoza and start producing lithium iron phosphate batteries by the end of 2026.

MADRID (Reuters) -Stellantis and Chinese battery maker CATL will invest 4.1 billion euros ($4.33 billion) to build one of Europe's largest electric vehicle battery factories in Spain, encouraged by lower costs and government funding.