Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Spain’s electric cars industry is waiting for a boost of $166bn from the European Union (EU) as a part of the pandemic recovery plan, according to media reports. The EU is yet to approve these funds that are under consideration. 

Spain plans to spend $6bn on electric vehicles (EV) in the next three years. 


In 2020, Spain was the second largest car and truck producer in Europe with 2.2mn units but only 140,000 of them were EVs. The lack of charging facilities and high prices of electric cars has affected the green prospect of the Spanish electric car industry. 


At present, the country has only two plug-in points per 100,000 sq km while Germany and Netherlands have more than 10. Spain wants to increase charging points to 100,000 from 11,500 in three years. The government is also encouraging electric car purchases with rebates. 


Meanwhile, Spanish carmakers like SEAT are tapping into the market by working on EVs in the range of €20,000-25,000. Spaim is aiming to to add 250,000 EVs in next two years. Like the rest of the EU, Spain is targeting a complete renewable energy transition by 2050. 

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