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Sogosohubidu201on Sep 06, 2019 12:03pm
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Germany ready to back new electric car battery consortium
Germany ready to back new electric car battery consortiumhttps://www.reuters.com/article/us-europe-batteries-germany/germany-ready-to-back-new-electric-car-battery-consortium-idUSKCN1VR0UB
BERLIN (Reuters) - European states are discussing the creation of a second European battery cell production consortium, the German economy ministry said on Friday, as carmakers prepare to launch a raft of new electric cars at the Frankfurt Auto Show next week.
Europe’s auto industry is promoting zero-emissions cars as a way to comply with clean air rules, a strategy shift which forces carmakers to retool their supply chains to build electric, rather than combustion-engined cars.
Germany’s Economics ministry said it is making 1 billion euros ($1.10 billion) in subsidies available to help enhance and preserve the automotive value chain in Germany and Europe.
“Germany and Europe need to develop and build competitive, innovative and environmentally sustainable battery cells,” German economy minister Peter Altmaier said in a statement on Friday.