Germany and France launch USD 2 billion kick-start for battery cells

Battery production supplying the global electric vehicle market is currently dominated by players in Asia, but Germany and France now aim to change that by bolstering Europe's electric automotive sector with localized battery production.

Photo: Thomas Lekfeldt/Ritzau Scanpix

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 EUR 1 billion (USD 1.13 billion) and France EUR 750 million 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.

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