Germany and France Launch $2 Billion Kick-Start for Battery Cells

France and Germany are working together
Senior officials from the two countries said they began producing batteries in Europe, aiming to compete with Asian competitors who dominate the global market.
Germany will invest 1 billion euros ($1. 13 billion)
Co-subsidizes 0. 75 billion euros with France
The Minister of Economy and Energy, Peter Altai Maier, and the French Minister of Economy and Finance, Bruno Lemier, said the finance was building factories in their respective countries.
After a meeting in Berlin on Tuesday, Le Maire told reporters that the joint initiative brought Europe one step closer to creating a new industry from scratch.
Factories in Europe will produce automotive battery packs embedded throughout the value chain.
The strategy, he said, aims to \"ensure Europe is a global leader in electric vehicle technology and self-driving \".
According to Maros Sefcovic, vice president of the energy union of the European Commission, by 2025, the value of the European car battery market may be as high as 250 billion euros per year, as large as the Danish economy.
France and Germany want to attract Spain, Sweden and Poland to join their initiatives, altymaire said.
He said that the payment of subsidies to support the construction of the battery plant depends on the approval of the European Commission, which may make a corresponding decision in April.