Volkswagen Group announced it will submit the “Future Fast Forward” plan to Spain’s electric and connected vehicle initiative PERTE, a €2.975 billion grant program for the industrial sector. Volkswagen Group also said a new battery cell factory will be built in Valencia, Spain, creating more than 3,000 jobs.

“This project is highly important – for Volkswagen, for Spain, and for the whole of Europe. It’s our ambition to electrify Spain and we are willing to invest more than seven billion euro together with external suppliers for the electrification of our Martorell and Pamplona plants and the localization of the battery value chain in Valencia," said Thomas Schmall, member of the Volkswagen board member responsible for technology and chairman of the SEAT S.A. Board of Directors.”

“Future Fast Forward’ has the potential to transform the Spanish automotive industry and democratize electric mobility across Europe. The more than 7 billion euros Volkswagen Group and SEAT S.A. would mobilize for Future: Fast Forward would represent the largest industrial investment in Spanish history”, said Wayne Griffith, SEAT president.