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.

Chinese electric battery company CATL and automaker Stellantis say they will build a major battery factory in northern Spain.

Chinese electric battery company CATL and automaker Stellantis say they will build a major battery factory in northern Spain

CATL and Stellantis have entered a joint venture to establish a EUR4.038 billion (approx. US$4.25 billion) battery plant in Zaragoza, Spain, with each party holding a 50% stake. As reported by , this will be CATL's third large-scale production facility in Europe,

The joint venture will build an all-new lithium iron phosphate battery plant at Stellantis' Zaragoza, Spain site.

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, they said on Tuesday.

Stellantis and CATL announced Tuesday that they will build a new battery plant capable of producing up to 50 gigawatt-hours of lithium iron phosphate

Stellantis (STLA), the automaker behind Jeep, Chrysler, and Ram, plans to invest up to $4.3 billion to add a new electric vehicle battery plant to its portfolio.