Chinese battery giant CATL and automaker Stellantis announced a joint venture Tuesday to establish a major electric vehicle battery factory in northern Spain

Stellantis and CATL have announced plans to jointly build a 4.1 billion euro ($4.3 billion) lithium iron phosphate battery plant in 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,