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EU to subsidize domestic mass production of EV batteries

The EU has moved to allow massive state subsidies to battery production for the European automotive industry.

Photo: Tesla/PR

The EU is concerned that the European automotive industry and its 13 million employees will be overtaken in the race to implement mass production of electric cars due to dependency on batteries from Asia. Now, the EU wants to allow state subsidies to go to battery research as well as offering billions of euros in co-financing to companies willing to build large battery factories, reports Financial Times.

"We know very clearly that the future is electric and we simply have to catch up with this (battery) technology. You cannot develop new models or high-quality cars if you do not master the skills, the innovation, and research link with batteries," says European Commission Energy Vice-President Maros Sefcovic to Financial Times.

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