Spain’s Trade Minister, Hector Gomez, expressed optimism about attracting fresh investments to the country’s automotive sector, fueled by the Euro 7 agreement’s recent developments. The agreement, which saw relaxed pollutant emission rules for new cars in Europe, was approved during Spain’s presidency of the European Council. Gomez emphasized the importance of this position in advancing Spain’s interests, and they will continue to hold the presidency until year-end.
The transition to electric vehicles has bolstered Spain’s economic and industrial activity, and they remain on track to qualify for substantial EU aid. Spain, Europe’s second-largest car producer after Germany, is finalizing the allocation of 1.4 billion euros from recovery funds for battery factory creation, anticipating a total investment of nearly six billion euros. Among potential projects are a Stellantis gigafactory in collaboration with the Spanish government and discussions with Tesla. Foreign investors, including EU companies, account for at least 30% of aid requests for the Spanish battery manufacturing industry.
Gomez also lauded the recent reform deal for the EU’s power markets, describing it as a significant stride forward that bolsters Europe’s industrialization. Despite competitive investment frameworks in the UK, Gomez believes Spain offers favorable conditions for both short and long-term investments.
(Source: Belén Carreño | Andrei Khalip | Alistair Bell | Reuters)
