-
Spain ups electric car investment after Volkswagen threatens to pull project

The Spanish industry minister announced Friday (Oct 21) that Madrid will increase its investment in the electric car industry after Volkswagen said it was reconsidering a key project, the Anadolu Agency reported.
Reyes Maroto said that the budget for the first round of the electric vehicle investment project will increase by nearly 30% to €880 million.
On Thursday (Oct 20), Spanish media quoted Volkswagen sources as saying that the company was losing patience and reconsidering opening a 40-gigawatt battery cell factory in Valencia.
The Spanish government was expected to present the full details of the program in early October.
Meanwhile, the construction of the massive factory, which would employ around 3,000 workers, remains in the air.
Maroto said the government’s program to help the electric vehicle industry is a “unique” opportunity because the government “has never before” invested so much in the sector.

Electric vehicles are one of 11 strategic sectors the Spanish government has earmarked for significant loans and subsidies.
The public-private programs are funded by the Next Generation EU funds, benefiting other sectors such as semiconductors, aerospace and renewable energy.
In August, American car brand Ford renounced the €106 million that Madrid was offering through the same program to build electric cars in another Valencian factory.
Saudi Arabia to produce, export 150,000 electric cars in 2026
The Ford plant in Valencia is now facing a fresh round of layoffs, with the management set to meet with union leaders on Monday.
Ford says vehicle production has slowed “substantially” in Spain due to the semiconductor shortage that continues to plague the automotive industry.
Source: aa
You May Also Like
Popular Posts
Caricature
BENEFIT Sponsors BuildHer...
- April 23, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”
opinion
Report
ads
Newsletter
Subscribe to our mailing list to get the new updates!