By Kim Richters

Volkswagen AG on Wednesday revealed more details about its electrification plans for Spain, which include a possible battery-cell factory in Valencia and investments of more than 7 billion euros ($7.72 billion), together with partners.

The German car maker, whose portfolio includes Spanish auto brand Seat, said the factory would create more than 3,000 jobs and have a production capacity of 40 gigawatt hours annually.

The plant in Valencia would be Volkswagen's second large-scale battery factory after the one in Salzgitter and the first one planned outside of Germany, it said. Volkswagen wants to build six so-called gigafactories in Europe with partners.

Volkswagen said it will submit its plans to the Spanish government and that all plans are subject to approvals.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

March 23, 2022 05:53 ET (09:53 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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