Europe plans to produce up to 30% of the world’s batteries

Europe plans to produce up to 30% of the world’s batteries

October 28, 2020 0 By autotimesnews

The German economy minister said that by 2030, the EU will produce almost a third of all batteries.

According to German Economy Minister Peter Altmeier, by 2030 Europe will need to produce almost a third of the world’s battery cells for electric vehicles to remain competitive.

Analysts say switching to low- and zero-emission vehicles to meet EU targets will require at least a 10-fold increase in current European capacity. Most automakers currently rely on Asian companies like LG Chem, Samsung and CATL.

A key investment vehicle is the European Battery Alliance, an EU initiative launched in October 2017 to create a competitive, sustainable and innovative battery ecosystem for electric vehicles along the entire value chain, from raw materials to recycling.

“This could create more than 20,000 jobs in the 2020s,” Altmeier said in a speech at an online event hosted by the European industry group ACEA. “We want Germany and Europe to account for 30 percent of the world’s battery cell production.”