Spain invests big to boost the production of Electric Car

The Spanish government has said that it will be investing 4.3 billion euros ($5.1 billion) from its share of European pandemic recovery funds to revamp and boost its automobile industry. Spain aims to steer the manufacturing of electric vehicles (EV) and their components, Spain’s Prime Minister Pedro Sánchez stated. He also said that this investment will be a real revolution for the Spanish economy, which will bring an estimated 19 billion euros ($22.5 billion) in additional private investment.

Spain’s left-wing coalition government is aiming to inject the money in various automobile segments like the car manufacturing chain, from lithium extraction to electric battery cell assembly lines. The country plans to transform Spain's automobile sector with the 140 billion euros ($166 billion) that the country is expected to receive in the next six years from the EU's Next Generation funds.

The Spanish Cabinet is set to approve the automobile plan. With this the automobile companies will be able to apply for funding immediately after, with the first disbursements, which is expected to arrive in September.The Prime Minister also said that the country is investing one billion euros in electric vehicle manufacturing unit and another billion euros will go to install new public electric plug-in points.

 

General Motors expands its Electric Vehicle investments and plans to build more battery manufacturing capacity

General Motors, an American multinational corporation has stated that it will increase its EV investments to $35 billion through 2025.The automaker made an initial commitment in March 2020 to invest $20 billion including capital, engineering expenses, and other development costs. GM said that it plans to become carbon neutral by 2040. The company worked with the Environmental Defense Fund to develop a vision of an all-electric future.

GM has also outlined plans to transition to electric vehicles or other zero-emissions vehicle technologies. The automaker said at the time that it believed that the energy sector was well on its way to a decarbonized grid and that an all-electric future would be supported by renewable infrastructure and technology.

GM has also confirmed that it plans to launch its third-generation HYDROTEC fuel cells with greater power density and lower costs by mid-decadewith two-thirds available in North America. The company also said it would deliver 30 new EV models by 2025 globally. In addition, GM will add U.S. assembly capacity for EV SUVs, and the details will be available soon.