According to Pedro Sanchez, Spain's prime minister, the public plan will encompass the entire production chain. Grants will be given to companies with the goal of building the country’s first battery plant and boosting manufacturing of EVs.
“It is important for Spain to react and to anticipate this transformation in Europe’s automotive sector,” said Sanchez. He added that government estimates found the private sector could contribute a further €19.7bn to the initiative between 2021 and 2023.
Few industrial bidders have publicly stated their intent to seek a helping of the funds, although Volkswagen’s Spanish brand SEAT and energy company Iberdrola have teamed up to work on a bid as an alliance. Their involvement would fit within a wider project they are planning with Volkswagen which covers all aspects of EV production, from mining to battery production and the manufacturing of a finished vehicle at SEAT’s assembly plant near Barcelona. The alliance...