EU announces billions of euros in subsidies for electric batteries
The EU’s powerful anti-trust authority on Monday approved billions of euros in subsidies from seven member states as Europe seeks to make up lost ground in batteries.
The move is part of a big push led by Germany and France to prepare Europe for the emergence of electric cars, as gas combustible engines are phased out over climate change concerns.
The European car industry employs over 10 million people and the EU is deeply concerned about Europe’s dependence in a highly strategy sector on car batteries from Asia.
