The Italian government has decided to reallocate $223 million in EU funding for the Stellantis gigafactory in Termoli. The joint venture between Stellantis and ACC had planned to build three giant factories in Europe but announced in June that it would halt work in Italy and Germany due to falling demand for electric vehicles.
As the Teslarati portal notes, despite all the problems, in August the Italian Minister of Industry forced Stellantis to continue construction, threatening to lose funding. Italy invested $410 million in the project, about half of which came from EU coronavirus recovery funds.
“As EV sales pick up in Europe, as soon as I see that I need additional capacity, I will start investing in two more facilities in Germany and Italy. “Of course we have to plan to increase capacity in line with the increasing demand,” Stellantis CEO Carlos Tavares said at an event in Turin, Italy.
Source: Ferra
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