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Stellantis and Mercedes-Benz raise $4.7 billion to build 4 new gigafactories
Jennifer Mossalgue | Feb 15 2024 - 9:22 am PT


In a huge push to give European automakers a fighting chance over China in the EV sector, Stellantis and Mercedes-Benz have raised nearly €4.4 billion to build four new EV gigafactories across the European Union in the coming years.

Last month, Swedish lithium-ion battery producer Northvolt raised an additional $5 billion, firmly locking in its position as one of Europe’s best-funded startups and recipient of the largest-ever green loan from the EU. The company is adding that cash to its pot of $13 billion in equity and debt to expand operations across the world, with plans to build batteries in Poland, Germany, and Sweden.