Spain Boosts Electric Vehicle Industry with €113.4M in Funding
The Spanish government has allocated substantial funds to boost the electric and connected vehicle industry. Seven provisional projects have been approved, with a total of €15 million. Additionally, €90.2 million has been awarded to 13 companies in the PERTE VEC III value chain section. Notably, the Renault factory in Valladolid will receive over €22 million, and Palencia's over €36 million.
The newly appointed Secretary of State for Industry, Jordi García Brustenga, has been instrumental in promoting the Industry and Strategic Autonomy Law. He has strong connections in Brussels, which have likely facilitated these investments. Initially, six companies were rejected but later received funds totalling €15 million.
The PERTE VEC line aims to stimulate investment plans in the electric and connected vehicle industry. Companies like Gestamp, Ficosa, Lear Corporation, and Ikerlan, which were not originally selected, have now received investment plans. Teresa Parejo has been appointed as the new director general of Industrial Strategy and the SME, indicating a commitment to strategic planning in the sector. The Valeo factory in Martos (Jaén) is also set to receive €8 million.
The Spanish government's commitment to the electric and connected vehicle industry is evident in the recent allocations. With a total of €113.4 million awarded to various companies and projects, the country is poised to strengthen its position in the global automotive market. The appointments of Jordi García Brustenga and Teresa Parejo signal a focus on strategic planning and industry growth.
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