Stellantis Antares Project: PERTE VEC II Funding, Aragon Optimism, and the Path Forward

The Ministry of Industry, Trade and Tourism boosted its contribution to the large Stellantis project by a modest 2.5 million euros. Stellantis advances plans for the Figueruelas site in Zaragoza. The Antares project, which began with a 53.4 million euro grant from the Perte VEC II (Electric and Connected Vehicle) battery program, was revised upward by 4.6 percent, bringing the total to 55.9 million euros, according to a final decision announced on Friday. Although the funds fall short of the company’s initial expectations, the project remains on the agenda, with public support identified as a key factor to its realization. Spain’s government and Stellantis are actively exploring additional financing channels to sustain momentum.

The automotive group aims to approach a total of nearly 200 million euros. Public incentives for an investment that will initially surpass one billion dollars would be ample, yet the grant awarded represents only a fraction of what was requested, the maximum allowed under European rules governing subsidies in this autonomous community. “Didn’t meet our expectations,” acknowledged leaders of the group guided by Carlos Tavares. Still, the commitment is not abandoned; the bet on the Aragon region persists as a strategically important project for the future of the automotive sector there.

The level of support appears modest when compared with other similar initiatives. Chinese-backed projects, for example, received considerably larger packages in the same Perte call, including 300 million euros divided between subsidies and loans. The V project also attracted noticeably more funding. For the Sagunto project in Valencia, Volkswagen secured 195 million in support from the ministry—100 million in the initial act and 95 million in subsequent measures.

Nevertheless, Stellantis remains committed to the Antares project as a cornerstone of Aragon’s automotive future. In public statements issued on Friday, the company cautioned that public backing is essential for the venture to succeed. The message also stressed that ongoing collaboration with the administration is necessary to secure the financial conditions needed to make the project economically viable and executable.

Stellantis further notes that Spain positions itself as a recipient country for planned future industrial investments. For this reason, public institutions, along with the competitive production quality and favorable social environment of Spain’s facilities, are deemed crucial to the project’s success.

A total of 66.3 million PERTE VEC II funds were allocated across four Stellantis projects in its three Spanish plants. Figueruelas received the largest share, with 55.9 million euros for the Gigafactory project and an additional 3.3 million to expand the battery workshop. The Vigo plant was allotted 6.75 million euros, while Madrid received 354,100 euros for assembly lines related to the equipment.

Financing options

The Ministry of Industry outlined ongoing collaboration with Stellantis to advance current projects in Spain. Officials informed the company about the financing instruments available to maximize the project’s potential outcomes.

Industry leadership framed investments like Stellantis’ as a government priority, noting that regional and national authorities would work together to chart the next steps. The ministry and Stellantis agreed to convene to determine the future line of action between Madrid and the auto group.

Stellantis emphasizes the need for continued engagement with national and regional bodies, including the Government of Aragon, to secure the necessary backing to make Antares a reality. A roadmap is being developed with the Spanish government to extend beyond VEC II and to explore other existing mechanisms and PERTE lines that could help create the conditions necessary for higher levels of support.

Optimism from the Aragonese Government

A positive sign for the Figueruelas facility is the Aragonese Government’s readiness to keep faith with the project despite the limited subsidies. The regional chief executive stated cautious optimism about the battery plant’s establishment in Aragon and highlighted ongoing constructive dialogue between the Spanish Government and the regional administration in recent weeks. The official underscored a determination to push ahead, noting the importance of coordinated efforts among the three actors involved.

The regional leader voiced a strong willingness to keep pushing forward, saying that the effort will be intensified and that the community’s interests require active collaboration between government bodies and industry partners. The sentiment expresses belief that the Antares project aligns with Aragon’s strategic economic priorities.

Perte VEC’s third call

Industry updates indicate preparations for the Perte VEC III call, expected to be released in early 2024, with projections exceeding 1.2 billion euros. As with prior rounds, ongoing communication with involved companies aims to dispel doubts about project delivery timelines, the European framework, and associated deadlines.

In addition, the ministry has begun reviewing Part B of PERTE VEC II. This phase includes plans to introduce new electric vehicle models and to repurpose existing operations alongside battery and fuel cell prototypes. The first provisional decisions, including Stellantis, are anticipated to be published in December.

Spain is highly competitive on an energy basis, with a broad spread of renewable sources contributing to a generally favorable electricity pricing environment for international companies. Officials anticipate that strong public-private cooperation will keep Perte VEC III on a trajectory similar to its predecessor, strengthening Spain’s position as a hub for electric mobility investments. These views reflect a broader confidence in continued government support to reach the intended investment levels and ensure successful implementation. (Source: Ministry of Industry, Trade and Tourism, official statements and subsequent press briefings.)