Tesla to bring over €4.5 billion investment to Valencia region

A red Tesla glinting in the sun

Tesla to bring €4.5 billion investment to Valencia regionCredit: CanadianPhotographer56/ Shutterstock

Tesla is looking to bring a huge multi-billion euro investment into Valenciana, as the multinational corporation is currently negotiating with the Generalitat to develop a project in the region.

According to Europa Press, the investment is likely to exceed that of Volkswagen’s battery cell factory in Sagunt, which is worth €4.5 billion.

Last Wednesday, June 6, it was reported that the negotiations, while not finalised, are close to a final settlement, with the local government signing a contract including confidentiality clauses.

There is still some speculation that it is definitely Tesla, Elon Musk‘s electric car brand would certainly be looking to expand its operations in Europe, with its Model Y being the best-selling car in Europe last February.

Negotiations have been going on for nearly a year and Tesla is one of the ten multinationals currently in talks with the regional government to settle in the Valencian Community.

Ximo Puig, President of Generalitat Valenciana has said that nothing is set in stone, as the Generalitat seeks a total of €24 billion investment in the region, but the Generalitat has also said that:
“All these negotiations are subject to strict confidentiality criteria to guarantee that the different operations can come to fruition as soon as possible,” hence admitting that whatever might have been agreed won’t be made public until completion.

“The will of this government is to continue working for the duration of its current mandate to guarantee that all these efforts can culminate over the next few months, always for the benefit of the progress and prosperity of the Valencian people, which is our only objective”, added Puig.

Reuters has joined the speculation though, posting this on Twitter: “US electric car manufacturer Tesla could be building a new $4.8 billion factory in Valencia, Spain, sources say”.

As the Valencian Community looks to become a hub of sustainable electromobility in southern Europe, the presence of Tesla in the region would be a huge step forward for local employment and prosperity.

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Written by

David Laycock

Dave Laycock has always written. Poems, songs, essays, academic papers as well as newspaper articles; the written word has always held a great fascination for him and he is never happier than when being creative. From a musical background, Dave has travelled the world performing and also examining for a British music exam board. He also writes, produces and performs and records music. All this aside, he is currently fully focussed on his journalism and can’t wait to share more stories from around the world and beyond.