Germany and France Launch $2 Billion Kick-Start for Battery Cells
- Nations plan European battery cell production rivaling Asia
- EU Commission approval needed for subsidizing factories
Photographer: Tomohiro Ohsumi/Bloomberg
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France and Germany are pooling efforts to kick-start battery cell production in Europe aiming to take on rivals from Asia which dominate the global market, top officials from both nations said.
Germany will put up 1 billion euros ($1.13 billion) and France 750 million euros in subsidies to co-finance building factories in their respective countries, said Economy and Energy Minister Peter Altmaier and Bruno Le Maire, who is France’s economy and finance minister.