PARIS (Reuters) – France will invest 700 million euros ($790 million) over the next five years into projects to boost the European electric car battery industry and reduce its carmakers’ reliance on dominant Asian rivals, said French presidency officials.
In a speech to the Paris-based International Organisation of Motor Vehicle Manufacturers later on Wednesday, President Emmanuel Macron will unveil his strategy to help the French car industry fend off competition on electric vehicles (EV) and autonomous cars from Asian and U.S. tech giants.
Plan - Germany - November - Euros - Battery
The plan comes after Germany in November set aside 1 billion euros to support battery cell production to reduce dependence on Asian suppliers and shore up jobs at home that may be at risk from the shift away from combustion engines.
French officials said the two European countries will work on Franco-German initiatives, at a time when their countries’ carmakers are waking up to the threats posed from relying on Chinese suppliers in an age of international trade wars.
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