12 EU countries are allowed to spend billions on a research project on a new generation of electric car batteries, and the European Commission approved state aid of EUR 2.9 billion on Tuesday.
The European Union wants to compete with China and other Asian countries, which largely control the battery and battery markets. The EU wants to have enough batteries of its own making by 2025 and no longer bring them from the East.
Companies in Germany, France and 10 other member states are now entitled to state aid to develop the battery of the future. Among other things, BMW and Fiat would like to be eligible. The companies themselves put a further EUR 9 billion into the project.
The European economy is facing an enormous innovation lag, says Commissioner Margrethe Vestager (competition). That is why it is “prudent” for governments and businesses to work together and share risks. “To help industry develop more innovative and sustainable batteries.”
