European alliance to produce next-generation car batteries
Print Edition
FRANCE and Germany yesterday unveiled a multi-billion-dollar alliance to develop next-generation batteries for electric vehicles.
Speaking in Paris, the French and German finance ministers said US$5.6 billion to US6.7 billlion would be invested in the so-called “Airbus for batteries,” strategy aimed at replicating the pan-European planemaker’s success.
The idea was first floated 18 months ago by EU officials worried about falling behind in the global technology race.
“It’s a major step in the long history of our European industry,” France’s Bruno Le Maire said at a press conference with his German counterpart Peter Altmaier and Maros Sefcovic, the European Commission vice president in charge of energy.
The investment pledge “shows Europe is not fated to depend on technological imports from the United States and China,” Le Maire said.
Sefcovic added: “Time is running out if we want our own European production in place within four or five years.”
He said Brussels was prepared to approve US$1.34 billion in public subsidies for the venture, with the official green light expected by October.
At least US$4.5 billion more would come from the 35 private firms, including top automakers and energy groups, which have signalled their readiness to join the alliance.
A pilot factory with around 200 employees will be opened in the coming months in France, with a goal of opening two production sites, in France and Germany, by 2023 that would generate 1,500 jobs at each.
European carmakers have been ramping up electric vehicle production after years of scandals over diesel pollution, and as tougher rules on cutting carbon emissions come into force.
They buy cost-competitive cells from a handful of foreign manufacturers, mostly in Asia, which they use to build the high-capacity batteries needed to power electric vehicles.
Last year, China’s CATL announced plans for a massive new production factory in central Germany.
So far European automakers have been unwilling to go it alone with the huge investments necessary for developing and building large-scale battery construction at home.
But the market for electric vehicle batteries is expected reach US$50 billion by 2027, of which 20 percent to 30 percent will be in Europe.
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