Stellantis bets on cheaper LFP batteries to face consumer resistance to high electric car prices
Stellantis NV and China’s Contemporary Amperex Technology Co. Ltd. plan to invest up to €4.1 billion ($4.3 billion) to build a new factory in Spain focused on electric vehicle batteries.
The factory in Zaragoza will begin producing lithium iron phosphate batteries — also known as LFP — by the end of 2026, the companies said in a joint statement on Tuesday. The installation’s capacity could reach 50 gigawatt-hours, depending on the electric vehicle market in Europe and continued support from Spanish authorities and the European Union.
Jeep maker Stellantis is “adopting all available advanced battery technologies to offer competitive electric vehicle products to our customers,” said President John Elkann.
Europe has faced difficulties in its efforts to build a local battery industry that could break China’s dominance in the electric vehicle sector. Swedish battery maker Northvolt AB filed for bankruptcy last month, and other projects have been delayed or canceled.
Automakers including Stellantis are turning to cheaper LFP batteries to try to attract customers who have so far been hesitant due to the high prices of electric vehicles.
With information from Bloomberg*
Source: https://www.ocafezinho.com/2024/12/10/china-anuncia-investimento-de-e-4-bi-em-fabrica-de-baterias-na-espanha/
