Spain has hinted at investing about €4.3bn ($5.1bn) to ramp up the country’s electric vehicle (EV) and Li-On battery manufacturing.
The country has targeted new EV registrations to be 250,000 units in 2023, compared to 18,000 in 2020. Spain’s electrification plans are likely to create 140,000 new jobs and spur economic growth by 1-1.7pc in the next few years.
Pedro Sanchez, the Spanish prime minister, told the media on Jul 12 that the country is expecting private investors to fund a further €19.7bn in this initiative.
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