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The companies, which have set up a 50/50 joint venture, said they will invest $4.33 billion in a factory in Zaragoza. They expect to start making batteries by the end of 2026.
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Daily roundup of the best New Economy stories from other media
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The high valuations for the sector in Asia are partly linked to data centre operators adding more capacity and the nascent nature of the business in the region
US carmaker says it will record non-cash charges of more than $5 billion on its joint venture with SAIC in China, one for the rejig of operations, and another on its reduced value
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With a market cap of$240 billion, chipmaker ASML is Europe’s most valuable tech company. Its market-leading position comes from its monopoly in Extreme Ultraviolet Lithography (EUV) machines which allow chipmakers to make smaller, faster and smarter semiconductors
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Market InsightsHere’s How China’s ‘Self-Interest’ May Be Adding to Global InflationChina’s imposition of tariffs and restrictions on metals, food, and energy is worsening the pressure on global inflation
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Oil & GasIndia Is Likely Exporting Refined Russian Oil to the WestIndia’s fast-rising Russian oil imports are being matched by its rising oil exports suggesting it may be reselling Russia’s oil to the West.
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Market InsightsFresh snap lockdowns put China’s economic recovery in perilChina’s economy slowed sharply in the second quarter due to widespread lockdowns. Now, a nascent third-quarter recovery in the world's second-largest economy appears in danger of stalling.
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MarketsApple Asks Suppliers in Taiwan to Meet China Label StandardsUS tech giant Apple told its Taiwan suppliers that products moving to China must be labelled to state that the island is a part of China and not an independent nation
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