Millionth rain for the Spanish auto industry

Minister of Industry and Tourism, Jordi Hereuannounced on Tuesday the provision 133 million from euro to Stellantis Figueuelas inside line A batteries Perte VEC III, with which the multinational corporation will be able to make its second largest investment in recent years in the automotive sector.

This grant adds to 14 million euros from the decarbonization of Perth, which the Minister put forward yesterday, Monday. Thus, the Group Stellantis received about 300 million euros, more than 272 million euros in subsidies and 26 million euros in loans.

The resolution, which will be published in the coming days, includes other assistance: 2 million from euro to Stellantis Vigo; 3 million from euro to Male Ber Spain from Tarragona; And 2.5 million from euro to Fikosa from Barcelona.

In addition, the Ministry of Industry and Tourism has expanded subsidies for the gigafactory. PowerCo from Volkswagen V Saguntowhat improves your project, and will increase from 98 million euros to 152 million..

According to the Minister of Industry, who presented the Impulso Awards in Zaragoza, the entire sector and citizens agree that electrification of the automotive industry There is no turning back.

Before the end of the year, a fourth approach is planned, equipped 1.25 billion Euro.

NORTHWALT CRISIS

On Tuesday it became known that the subsidiary Northvoltthe largest manufacturer of batteries for electric mobility, announced itself bankrupt after canceling the project of his plant in Sweden

a week ago, BMW ruled out injecting more cash into the Swedish battery maker given the liquidity crisis the company has been in for months caused by falling sales of electric vehicles and a slowdown in the European auto sector.

A week earlier, the group’s creditors met in an emergency meeting to assess the future of the company’s financing process, which now depends on their decision. Volkswagen And Goldman Sachs Asset Management following the BMW Group’s exit from a new capital raising round.

The bankruptcy of the battery maker’s subsidiary is another step towards emerging from the financial crisis facing the group and complements the announcement made in recent weeks dismissal of 2000 workers.