France and Germany are investing in the production of batteries for electric vehicles in Europe

According to senior officials of both countries, France and Germany join forces to start production of batteries in Europe to fight against competitors from Asia, which dominate in the global market.

Germany will allocate 1 billion euros (1.13 billion dollars), France 750 million euros in subsidies for co-financing the construction of refineries in their countries, said the Minister of economy and energy Peter Altmaier (Peter Altmaier) and Bruno Le Mayor (Bruno Le Maire), who is the Minister of economy and Finance of France.

Joint initiative brings Europe to create a new industry from scratch, told reporters in Berlin Le the Mayor after the meeting on Tuesday. Plants in Europe will produce car batteries, including the entire chain of production. The strategy is intended “to provide global leadership in Europe as the technology of electric vehicles and Autonomous driving,” he said.

Asia dominates the global market of lithium-ion batteries © bloomberg.com

According to the Vice-President of the European Commission on energy Union of Marosa of Sefchovich (Maros Sefcovic), European market elements of automotive batteries by the year 2025 can cost 250 billion euros per year, which is more than Denmark’s economy.

France and Germany hope to attract Spain, Sweden and Poland to the initiative, said Altmaier. According to him, the payment of subsidies to support the construction of plants for the production of rechargeable batteries depends on the approval of the European Commission, which is likely to take an appropriate decision in April.

Please follow and like us:

Leave a Reply

Your email address will not be published. Required fields are marked *