The multinational reiterates its commitment to the Spanish company, although it makes it clear that it will continue to look for solutions to raise funds
Volkswagen is going to build the Sagunto battery gigafactory. What is one of the most ambitious industrial projects of recent decades that promised an investment in Spain of 10,000 million euros that has been questioned in recent weeks has been confirmed.
It has done so today as it is the last day of the deadline to communicate the business initiatives seeking access to the European funds that have been unlocked after the pandemic. This money, distributed through the Strategic Project for the Recovery and Economic Transformation (Perte) of the government-run electric vehicle, has been the main stumbling block in a negotiation that has become muddy over time.
“This plan will drive the transformation of our industry and help create thousands of new jobs and keep the country competitive. The acceptance of the PERTE by the Volkswagen Group and SEAT SA is a sign of the firm commitment to Spain and Europe,” they have communicated from the multinational. Of course, they clarify that “they will continue to look for solutions.”
The battery gigafactory, which is accompanied by a plan to electrify the Volkswagen plants in Navarra and Seat in Martorell, has always been subject to this public money. The subsidies were taken for granted, the problem is that the funds released have fallen below expectations. The multinational expected about 1,000 million between aid and loans, but initially did not even come to 170.
After a threat to withdraw his plan and several accusations, the funds rose to nearly 400 million in the preliminary resolution, but they still knew little. The Generalitat, which from the first moment tried as much as possible to pave the way to allow the arrival of such a giant, today has doubled contacts and offered more money to complete the offer.
And the sensations that were good yesterday have become a confirmation today. Community president Ximo Puig admits there have been moments of tension since the creation of 3,000 high-quality direct jobs and up to 9,000 indirect jobs were at stake, but they believe the shallow work has paid off.
The so-called ‘Future: Fast Forward’ project will ultimately provide 397.37 million euros of the total European funds allocated to the development of the Perte of the electric and connected vehicle, 45% of the first batch of aid that the project will to achieve. The figure doubles the 167 million euros initially allocated to the company.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
